Macau raked in US$45 billion in gambling revenue in 2013, 18.6% more than in 2012, as the world's biggest and China's only casino hub continued to blaze ahead of rival gaming destinations. Macau, which earns 7 times more than Las Vegas, has seen revenue soar in recent years thanks to its proximity to vast numbers of
Macau raked in US$45 billion in gambling revenue in 2013, 18.6% more than in 2012, as the world's biggest and China's only casino hub continued to blaze ahead of rival gaming destinations.
Macau, which earns 7 times more than Las Vegas, has seen revenue soar in recent years thanks to its proximity to vast numbers of increasingly wealthy Chinese dazzled by fortress-sized resorts such as Sands China Ltd's Venetian Macao and Galaxy Entertainment Group Ltd's Galaxy Macau.
Improved access to the region boosted revenue last year from China's growing middle class, offsetting slowing VIP growth brought about in part by the government in Beijing's campaign against conspicuous spending by public officers.
Analysts see 2014 growth of 10-14%, partly because there will not be any new casino openings until 2015, meaning there will be no new gaming capacity or additional hotel rooms to keep pace with growth.
Casino mogul Steve Wynn, through his Wynn Macau Ltd unit, is building a $4 billion floral-themed resort. US billionaire Sheldon Adelson of Sands China is building a miniature Eiffel Tower which will have a mall and convention space.
Only around 4% of Chinese - or about 52 million people - have visited Macau, casino executives and industry watchers estimate, leaving ample room for growth.