Secretary for Economy and Finance Francis Tam Pak Yuen, said he was confident that gross monthly gaming revenue could stay around USD 892 million, a level that would enable the six operators to stay in the market.
Tam told reporters he expected the fourth quarter or the first quarter of next year would mark the beginning of a downward trend in gaming revenue. For the second consecutive month, in October gaming revenues dropped more than 3% compared with the same period last year.
Last month table and slot machine revenues amounted to around USD 1.1 billion. Over the first ten months of the year, the gaming revenue is expected to have reached USD 1.13 million, representing a drop of 3.2 % compared to the same period last year.
Stanley Ho’s SJM and Sheldon Adelson’s Venetian Macau continue dominating the market, although the latter is slightly above local casino mogul. The main reason behind the advantage is due to higher slot machine revenues at the Venetian. Wynn Resorts remains in third place, while Galaxy regained fourth, leaving Melco PBL in fifth and MGM in sixth.
Tam said he is confident that the six gaming operators would be able to survive. Considering the oncoming economic downturn, he urged the public to face reality, but there was no need to be too pessimistic. He said the government would introduce adequate measures to maintain its economic stability and help small- and medium-sized companies.