Macau Sees Major Growth In Gambling Revenue Over The Past YearMainland China Visitors Boost Macau's Gambling Numbers |
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Gambling revenue in Macau rose roughly 48 percent in July over the numbers reported one year earlier and government statistics have pointed to mainland China visitors, not tourists, as the reason for the recent surge.
According to Macau’s Gaming Inspection and Coordination Bureau, revenue increased from 16.31 billion patacas in July of 2010 to 24.21 billion patacas in July of 2011. One pataca is worth roughly eight U.S. dollars.
Five of the six casino operators in Macau reported record numbers during the month. The biggest gainer was the Galaxy Entertainment Group, which owns the Galaxy Macau, StarWorld and City Clubs Casinos, saw their shares rise 8.2 percent.
Macau is the only place in China where casino gambling is legal and overtook Las Vegas in 2006 as the biggest gambling market in the world. According to the Wall Street Journal, the city is set to earn more than five times more than the Las Vegas strip in gambling revenue this year.
Some U.S. casino companies such as Las Vegas Sands Corp. and Wynn Resorts Ltd. have also benefited from their Macau properties in the last few years.
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