AUSSIE CASINOS DOING WELL OUT OF MACAU WOES
19th February, 2015 at 02:01:32
High rolling Chinese gamblers are increasingly viewing Australia as an option.
China's anti-corruption clampdown and its negative impact on Macau gambling numbers has produced an unexpected windfall for Australian land casinos as a growing number of Chinese high rollers seek their thrills further from home.
According to a Reuters report this week at least two of the top Aussie land operators report increased business.
Crown Resorts reported that revenue from VIPs gambling at its Melbourne casino almost doubled in the six months ended December 2014, whilst Echo Entertainment Group said VIP gambling in its Australian casinos hit a record in the second half of 2014.
Echo revealed that turnover from VIP gamblers at its Australian casinos nearly doubled to an all-time high of A$23 billion as net profit for the period surged 78% to A$112.6 million, whilst Crown reported revenue from VIP gambling at its Melbourne casino soared 86 percent.
Shares prices in the two groups have jumped by up to 10% as a consequence.
Asia Pacific gamblers are well served by luxurious casino properties Downunder, and there are plans to augment these offerings in the future.
Crown is building a A$2 billion casino near Echo's newly refurbished Sydney waterfront complex, and the two companies are also seeking approval to build a new casino in Brisbane, Reuters reports.
Aussie casino operators are now looking to enhance their junket operator partnerships to maintain the momentum.
Related News Tags: China, Land Casinos, Australia