Macau Casino Revenue Up 40% In September 2010October 4, 2010 11:23 am
Macau continues to consolidate its position as the world’s largest gambling destination, after posting a 40% increase in its casino revenue for the month of September compared to a year earlier, to reach an impressive $1.9 billion.
Macau surpassed Las Vegas in 2006 as the gaming industry’s most popular resort and a report released in September by Statistics and Census Service DSEC showed a 14.2% rise in August’s tourist arrivals to 2.36 million people.
The “Monte Carlo of the Orient” now boasts 34 top casinos run by six main companies, the biggest of which are Sociedade de Jogos de Macau (SJM) and Sands China Ltd.
The companies’ combined casino revenue in China’s only legal gambling hub have now reached an incredible $16.64 billion over the first nine months of 2010 for a staggering 60% year on year growth.
Despite September’s positive figures, the 40% increase in revenue actually represented the slowest monthly increase this year. However, the slowing down in revenue for the second half of the year is largely in line with previous predictions which took into account the measures undertaken by the Chinese government to cool its property market. Also factored into the equation are the Macau government’s attempts to diversify into more leisure and entertainment areas.
As world casino gaming expert Jonathan Galaviz explains:
“Asia’s macro-economic performance continues to be strong and Macau will benefit as long as this dynamic remains. There continues to be tremendous asset bubbles in the region. Hence, we are also cautious on Macau due to its sensitivity to what we see as an eventual Asia downturn sometime in 2011.”
Despite a slow down in growth, Macau is expected to continue adding further ground between it and its nearest rivals. The success of Macau is a feat made all the more impressive considering the Chinese only reclaimed sovereignty over the territory in 1999 from its previous Portuguese rulers.