Casinos expect to earn total gambling revenue year-on-year in 2017
According to a report by Bloomberg News Service, Paulo Martins Chan, head of the Game Inspection and Coordination Bureau, additionally cited tighter restrictions on junket traders, money laundering, and phone bets as positive developments for the future of casinos in former Portuguese residences. "Game revenues are expected to show stable development next year and will hopefully rise," Chan told Bloomberg. "Macao is starting to see healthy and sustainable growth." The fact comes after Macau's Chief Executive Fernando Cuisayon gave a conservative outlook in November, predicting that more than 30 casinos would record $25.03 billion in total gambling revenue in 2017, the same figure expected for the year. Chan, however, reportedly told Bloomberg that the government's prospects for zero growth next year are "just cautious" due to recent uncertainties surrounding Donald Trump's election, which has a history of slowing China's economy, falling yuan, and criticizing China's monetary and trade policies. Macau's total gambling revenue in August, which has fallen for the 26th straight month, rose 1.1% year-on-year, while the 7.4% increase was reported to have increased 8.8%. That represents a 14.4% increase last month to about $2.4 billion, which means the sector has already earned about $25.5 billion in total gambling revenue in 11 months. Bloomberg reports that Macau casino operators are using Las Vegas as an example to attract more families and everyday gamblers instead of relying on high-yield gamblers. The effort came after an anti-corruption drive by Chinese President Xi Jinping, before the opening of Win Resort Limited's $4.1 billion Win Palace Co-Tai, which features a $100 million fountain show and gondola rides, in August, and the Las Vegas Sands Company opened its $2.5 billion Paris Macao hotel in September, completing a half-sized replica of the Eiffel Tower. "We will work more on economic diversification," Chan, who took on his role in the Game Inspection Coordination Bureau last year after spending about 20 years in the government prosecutor's office, said in an interview with Bloomberg.