According to figures released by the DICJ, Macau’s Gaming Inspection and Coordination Bureau, gambling revenues rose 8.1% in the first quarter after three straight quarter on quarter falls. However, the 26.02 billion patacas (US$3.26 billion) was down 12.8% on first quarter 2008 figures, but the results could be encouraging news for the new City of Dreams ‘integrated urban entertainment resort’ due to open early in June. Revenue from VIP baccarat was up 7.8% in the first quarter but still down 19.1% from 2008.

Other new projects have been placed on the back burner following the effects on monthly revenues of the global credit crisis and tighter visa restrictions imposed by the Chinese authorities. Las Vegas Sands halted construction on Cotai Strip projects last November but this month said building may resume before the end of the year. The visa restrictions for visitors from mainland China are believed to have been caused by a rise in problem gambling and money laundering concerns. In February officials from the provinces of Guangdong, Hong Kong and Macau met to discuss relaxing visa restrictions.

Following the release of the DICJ figures, Lawrence Ho told Bloomberg that the bleakest days of the gaming industry are over but that it was crucial that City of Dreams had a successful opening despite the recession. It has been reported that casino dealers at the Hard Rock venue will don punk-rock accessories such as nose rings and blue wigs in a bid to attract gamblers. City of Dreams is designed to appeal to both the VIP and mass market. (E-04.20.09)

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