News to trade on November 21
Find out about the most important market movers from today's digest!
Macau casinos report the first annual profit gain for 3 years
In 2017, gaming profits in the Chinese territory of Macau edged up for the first time for three years because high-end punters' appetite for gambling revives after a protracted government campaign against demonstration of wealth among public officials as well as slowing economic surge.
According to figures from Macau's Gaming Inspection and Coordination bureau released on Monday, profits tacked on 19% for 2017 hitting 265.7 billion patacas.
Market experts had expected 2017 full-year surge of 18%-20% to about $33-$34 billion.
The ex-Portuguese colony and currently special administrative region is clambering back after profits dived to five-year minimums in 2014.
However, profits are still far off the maximums reached ahead of 2014, sticking to monthly tolls observed in 2011, according to data from Thomson Reuters Datastream.
In December, monthly gambling profit surged 15% hitting 22.7 billion patacas, which is a bit lower than experts’ hopes for surge f 17%-20%.
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