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Macau casino revenue hits 5-month high in May

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06/01/2019 | 02:29am EDT
A boat sails on the water where a floating casino hotel is planned to located in Macau

HONG KONG (Reuters) - Gambling revenue in the Chinese territory of Macau hit a five-month high in May, although softer demand from high rollers amid a slowdown in the world's No.2 economy and a Sino-U.S. trade war continued to keep a lid on gains.

Revenue was 25.95 billion patacas ($3.21 billion), the highest this year, Macau's Gaming Inspection and Coordination said on Saturday, versus 25.5 billion patacas a year ago and also up from April's monthly haul of 23.6 billion patacas.

Analysts were expecting a flat to 4% year-on-year drop.

As the special administrative region marks 20 years since its handover from Portuguese rule, slower mainland economic growth, a weaker yuan and a simmering trade war threaten to derail growth.

For operators in China's only legal casino hub, the outlook remains challenging as Beijing pushes to rebrand Macau as a family-friendly destination.

They are ploughing about $10 billion into mostly non-gaming attractions before their licences expire in 2022 amid warnings new permits will be linked to efforts to diversify.

(Reporting by Farah Master; Editing by Himani Sarkar)

Stocks mentioned in the article
ChangeLast1st jan.
GALAXY ENTERTAINMENT GROUP LIMITED 1.77% 57.45 End-of-day quote.15.25%
LAS VEGAS SANDS CORP. -0.64% 63.92 Delayed Quote.22.81%
MELCO RESORTS & ENTERTAINMENT LTD(ADR) -0.16% 24.42 Delayed Quote.38.59%
MGM CHINA HOLDINGS LTD 2.19% 14 End-of-day quote.6.06%
MGM RESORTS INTERNATIONAL -0.59% 28.59 Delayed Quote.18.55%
SANDS CHINA LTD. 0.49% 41.1 End-of-day quote.19.13%
SJM HOLDINGS LIMITED 1.60% 9.54 End-of-day quote.30.33%
WYNN MACAU LTD 1.27% 19.14 End-of-day quote.11.15%
WYNN RESORTS -0.33% 134.65 Delayed Quote.36.58%
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