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The Chinese economy may be struggling, but that does not mean that the country’s population is not interested in gambling. The rejuvenated visitors helped Macau regain the title as no. No. 1 gambling market in the world, surpassing Las Vegas once again. The island has held this distinction since 2007, although it has been slow to recover after the pandemic.
Many head back to the island afterwards Coronavirus disease Protocols were finally relaxed In China. Macau saw 1.9 million tourists from mainland China in July. This is close to the pre-pandemic levels of about 2 million people per month that the island saw in 2019. By contrast, only about 7,000 visited around the same time last year.
“Macau’s recovery contrasts with the weak economy in China, where consumer prices have tended to deflate.” Wall Street Journal Notes. “Former Portuguese colony – one of the last places to relax Coronavirus disease Controls – followed the path of other gambling, from Las Vegas to Singapore, where demand rose after the restrictions ended.
Coronavirus disease Lockdowns are over, gambling has begun
This feeling of returning to normalcy is there It led to some huge numbers. Seeking alpha Reports indicate that total gaming revenue increased 4,086% year over year by July to reach $2.1 billion. This included an increase of 9.6% on June numbers and was the highest since the pandemic. However, this is still about 30% below total pre-pandemic gaming revenue as of July 2019.
Macau is the only region in China that allows gambling and casinos. The island operates under a different legal structure to the mainland and is known to attract wealthy gamblers from China and other parts of the world, including poker players such as Tom Dwan and Phil Ivey.
However, the resurgence on the island appears to have been driven by small-stakes gamblers, rather than the “whales” whose needs many properties cater to betting large sums. It also appears that some lower-level gamblers who may have been eager to gamble are losing larger amounts than usual.
“While the number of big gamblers is smaller than during Macau’s heyday a decade ago, even low-net-worth gamblers typically bet more than $1,500 at the tables per hour, and big market players lose more on average,” the paper says. From $2,500 a day.”
Although Macau has regained Las Vegas as the largest gambling market, Nevada continues to set records for gambling revenues. In August, the state reached $1 billion in revenue for the 30th straight month.
The state is still on track to beat 2022’s best-ever revenue total of $14.8 billion, which itself was a 10.5 percent increase from 2021. That’s still only a third of the cash compared to Macau’s best-ever year in 2013, when casinos announced their revenues. A total of $45 billion.
