This week's installment of Inside Gaming shares news of the primary positive monthly gaming revenue report from Macau for the reason that summer of 2014, looks to boot at a good report from Nevada for a powerful July, and tells a couple of big recent development in online gaming in India.
First Positive Monthly Gaming Revenue Report in Over Two Years for Macau
We've seemed like a broken record over here at Inside Gaming (for many who remember records, anyway) in regards to the monthly gaming revenue reports from Macau over the past two-plus years.
Starting in June 2014, each month's report of "Monthly Gross Revenue from Games of Fortune" from the Gaming Inspection and Coordination Bureau has brought back negative figures for the casinos of the Special Administrative Region of China, with the streak of monthly declines having extended 26 consecutive months.
Well, the streak is finally over, as yesterday's report for August 2016 shows a 1.1 percent increase (year-over-year) in gambling revenue. The casinos' collectively earned 18.836 billion patacas or about $2.36 billion USD. That's up from the 18.623 billion pacatas ($2.33 billion USD) from August 2015, though after all still represents a far lower revenue total than Macau was experiencing during its heyday as a number one gaming hub not only for Asia however the entire world.
Those monthly declines had reached as high as a drop of 48.6 percent (in February 2015), with most months having 30-35 percent declines. However, in 2016 the autumn has flattened out somewhat with most months' figures reflecting single-digit declines, percentage-wise.
Last month concluded with the much anticipated opening of the $4.2 billion Wynn Palace Cotai at the Cotai Strip, albeit with fewer gaming tables than first hoped for by Wynn. Meanwhile newest Las Vegas Sands Corp. property The Parisian is about to open at the Cotai Strip to boot on September 13, with over 3,000 rooms and suites, 450 gaming tables, 2,500 slot machines, and a half-scale Eiffel Tower.
Even with the positive report, prognosticators aren't predicting a direct change to Macau's fortunes so far as gaming revenue is anxious. As Reuters notes, "a swift rebound is unlikely, say analysts, who caution the brand new properties... may be impacted by slow market growth and infrastructure bottle necks."
"We believe it's a lot more difficult to ramp up a brand new property in a low growth environment," explained analyst Praveen Choudhary who referenced the openings of both the Studio City property in October 2015 by Melco Crown Entertainment Ltd. and Phase 2 of Galaxy Macau opened by the Galaxy Entertainment Group in May 2015.
While many reasons was cited for precipitating the gaming revenue decline in Macau, measures introduced by President Xi Jinping after taking office in 2013 to scale back corruption, eliminate particular types of graft and extravagence, reduce on money laundering, and reduce on governmental bureaucracy have impacted many industries, including travel, catering, hotels, high-end retail, and for Macau — the one legal place in China to gamble — gaming revenue.
Recently casinos on Macau have redirected efforts toward attracting various kinds of clientele than the gamblers and particularly the high rollers who once frequented the peninsula in higher numbers. However efforts along those lines have only brought limited results, with the good majority of Macau's overall revenue still depending on gaming.
Read more in regards to the positive monthly report and forecast going forward for Macau at Reuters.
A Billion-Dollar July for Nevada
Meanwhile the beginning of the brand new month also brings revenue news from Nevada where casinos enjoyed a good July. The most recent revenue report from the Nevada Gaming Control Board shows a statewide increase of nearly 10 percent year-over-year for the month with a complete win amount of $1.015 billion — the most important since December 2013.
Casinos at the Las Vegas strip were up a healthy 16.77 percent for the month. Baccarat specifically (up over 40 percent) helped boost the full win for strip casinos, with table games as an entire up greater than 29 percent. Reno casinos were likewise up 11.5 percent in July.
"From the state's point of view, that was a pleasing surprise at the baccarat side," said Michael Lawton, senior analyst for the NGCB, as reported by VEGASINC. Lawton noted how July having a fifth weekend helped boost the total totals as well.
There was $222 million bet on sports in Nevada sportsbooks through the month, essentially the most of any July on record for the state's casinos. Baseball was a well-liked sport on which to bet, as was the belief of Euro 2016. Slots, blackjack, and roulette were all up in addition for the month.
For more summary of the July numbers visit VEGASINC, or peruse the NGCB's report and crunch the numbers yourself.
India Gaming Leader to buy Largest Online Poker Portal
On Wednesday, Delta Corp Ltd., the most important gaming and hospitality company in Goa, India, announced it had begun the method of acquiring the Gauss Network, owners of Adda52.com, the biggest online poker room in India.
Delta Corp Ltd. has filed papers with the National Stock Exchange of India Ltd., signaling their intention to pay 155 crore rupees or about $22 million USD to obtain the network. The transaction might be broken up into segments (part cash, part equity) and is subject to regulatory and statutory approval of all involved parties in addition to the courts.
Online gaming is in its relative infancy in India, with the Gauss Network's Adda52.com (first launched in 2012) already the market leader for online poker. The positioning has gotten concerned with live tournaments as well, having sponsored events and partnering with the sector Poker Tour back in April of this year to assist introduce the WPT brand into India. Thus the inside track of Delta Corp Ltd. taking up the positioning is being met with a large number of buzz concerning the future growth of online gaming within the country with a population of over 1.25 billion.
In an interview with CNBC-TV18 (formerly CNBC India), Hardik Dhebar, Group CFP of Delta Corp Ltd., noted online gaming typically and poker particularly as having "immense" potential for growth in India.
In comments relevant to the gaming industry within the America and elsewhere, Dhebar also insisted that the expansion of online gaming will not negatively affect the livelihood of brick-and-mortar casinos reminiscent of Delta Corp Ltd. already maintains.
"If you take a look at the global market, both the net in addition to the onshore businesses have coexisted and both have grown, if it is Macau, if it is Vegas, if it is America, or southeast Asia.... I DON'T BELIEVE [the web space] cannibalizes or it's going to grow on the cost of the offline. I FEEL the market is huge enough for both to co-exist and grow at equal space."
For more concerning the deal and the way forward for online gaming in India, visit moneycontrol.com.
Photo: "Skyline, Tristan Schmurr. CC BY 2.0.
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