Macau Casino Gambling Revenue Continues To Defy Odds In March
The Macau gaming industry has become the one that others are trying to emulate. Macau has long surpassed Las Vegas as the gaming capital of the world, and it is months like March that continue to allow Macau to distance itself from the rest of the world.
In March, revenue rose a staggering 24% from the same period the year before. The reason this comes as such a shock, is March of 2011 was a record-setting month itself. Revenue rose in March to $3.12 billion, dwarfing their nearest competitor, Nevada in the US. The figure also represents a changing of the times.
"For decades the US, Las Vegas and Atlantic City, in particular, have seen their casinos feast off the gambling habits of the Asian community," said Gaming Analyst Brad Dawkins. "Since Macau has seen their industry blow up, the Asian gamblers are staying closer to home, and that has triggered this revolution taking place in Macau."
Macau is the only place in China where casino gambling is legal. Millions of mainland China residents travel to Macau each week to gamble, and they are met with some of the finest casino resorts in the world. Las Vegas Sands, MGM, and Wynn Resorts have casinos in Macau, and SJM Holdings, the company that held a monopoly in the industry for decades, also has gaming facilities in Macau.
The gambling boom in Macau has led other Asian countries to try their hand in the industry. Singapore has recently opened their first casino, and analysts are predicting that Singapore will pass Nevada as the second largest gaming destination within the next few years. It is not expected, however, that Singapore will be able to compete with Macau for the top spot on that list.
Analysts also predicted that revenue gains would be modest in Macau this year. Over the past 18 months, revenue growth has occurred in record numbers month after month, and the sustainability of such a growth model was called into question. Three months into the new year, Macau is defying the predictions and continuing to watch gaming revenue rise.
The government and existing casinos have tried to stunt growth last year when they agreed that there will be no new projects approved after the ones that were already in the works. The government is hoping to diversify the economy to not be as reliant on the gaming industry moving forward.
April 2, 2012
Posted By April Gardner
Staff Editor, CasinoGamblingWeb.com
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