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News Archive
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Macau’s casino revenues to soar
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[2006-01-10]
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Casino revenues in Asia will soar this year fuelled by the strong growth of the gaming industry in Macau, according to industry experts.
The Asian market is set to increase by 20 per cent to £7.4 billion during 2006 as governments in the area use gambling as a way to boost tourism and earn receipts, according to Las Vegas-based consultant Globalysis.
This compares with the £5.1 billion collected last year by casinos in Clark County, Nevada, including the Las Vegas strip and downtown venues.
All four major Las Vegas casino operators - Wynn Resorts, Las Vegas Sands, MGM Mirage and Harrah's Entertainment - are expected to plough money into Macau in the near future.
Billions of dollars have already been invested in the area since the end of a casino monopoly held by businessman Stanley Ho.
Macau, a former Portuguese enclave located at the mouth of China's Pearl River, is the only place in China where gambling is legal.
It has become a gambling mecca for mainland Chinese tourists since Beijing relaxed travel restrictions for Chinese nationals.
Globalysis analyst Jonathan Galaviz said: "Asia is home to the fastest growing market in terms of consumers that are able to participate in casino gaming activity due to their increasing levels of disposable income."
He added that Macau's gambling revenues are set to increase in September as casino impresario Steve Wynn opens his latest casino venture, Wynn Macau.
Globalysis also predicts that the US companies will look to other countries within Asia as soon as markets open up.
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