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See Macau Monthly Casino Revenue Numbers, Watch Larger Trends by Muhammad Cohen

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Gaming revenue in the world’s casino capital beat expectations in March, even though it fell marginally compared with a year ago and decreased 0.5% in the first quarter. Gaming revenue numbers matter, to be sure, but not as much as the underlying trends creating those numbers. Those trends, like the numbers, paint a mixed picture with plenty to like, albeit perhaps not right now.

For March, Macau’s casino regulator DICJ reported gross gaming revenue of 25.84 billion patacas (MOP; US$3.23 billion), down 0.4% from March last year. The consensus forecast pegged GGR to fall by 3%. Mass revenue, accounting for a solid majority of the total, likely grew in high single digits while VIP revenue fell in the low double digits.

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