Casino profits skyrocket in the first quarter of 2009.
A report appearing in Bloomergs news service this week seems to suggest that the gambling drought that has plagued Asia for a long time could finally be receding. Macau’s online casino returns for the first quarter of 2009 escalated, indicating resurgence from a slump prompted by the global financial downturn and visa restrictions obligated on visitors from mainland China.
In comparison to the last quarter of 2008’s 24.1 billion Patacas, this years first quarter’s earnings escalated by 8.1 percent to 26 billion Patacas ($3.2 billion), according to data obtained from the Macau Gaming Inspection Bureau Website. There was a 13 percent profit slump from the first quarter 2008, when the casinos reaped a whirlwind record 29.8 billion Patacas.
The global financial turndown and visa restriction forced by the Chinese authorities in an attempt to curb gambling by mainland citizens has really damaged business prospects for Macau Operators. The former Portuguese colony has seen casino earnings slump for three quarters in a row through December 2008.
One of the worst hit operators, Las Vegas Sands Corp., has indicated this month it is contemplating to resume construction of its building projects which stalled in Macau in November because of the anticipated windfall in casino earnings that are improving tremendously.
Authorities from Guangdong, Macau and Hong Kong convened in February to consider easing visa restrictions.
