Shares of Macau casino operators posted gains of between 3% and 5% after official data released by the Special Administrative Region (SAR) of China’s government revealed that gambling revenue in January nearly doubled.
Substantial Revenue Increase
Macau casinos generated MOP11.58 billion ($1.44 billion) in gross revenue in the first month of 2023 to post an increase of 82.5% from MOP6.34 billion ($786.16 million) in January 2022 and send a note of optimism among executives and analysts following the gambling industry in the SAR that it is the beginning of a solid recovery.
The result was influenced by the rise in visitations during the week-long Lunar New Year holiday as nearly half a million people a…