Macau Casinos Boom As Singapore Hits Doldrums

Macau Casinos Boom As Singapore Hits DoldrumsThe Chinese gambling resort of Macau has recorded its second-highest ever monthly gaming revenue total, after collecting $3.8 billion from gamblers during August, up 18% from the same month in 2012. Last month’s figure was trumped only by the $3.92 billion that the resort’s casinos generated in March, this year.
So far for the first eight months of 2013, Macau’s gambling revenues are now up by 16% over the same period in 2012, and are expected to grow by 17% overall relative to the record $38 billion generated for the whole of 2012.
“We believe Macau fundamentals remain strong across all relevant segments and we have strong conviction that these trends are likely to continue through the balance of the year and into early next year,” commented Union Gaming Group principal, Grant Govertsen.
While Macau’s casino industry continues to sky-rocket, however, another major Asian gambling market, Singapore, has seen its ASEAN residents’ appetite for gaming falter in recent times. Accounting for its lacklustre performance is a struggling economy over the past few years, as well as slowdown in economic growth in Indonesia and India.
According to analysts; “The mass market will therefore likely see flattish growth as Indians and Indonesians will find a trip to Singapore much more expensive than before.”
A more positive spot on the horizon for Asian gamblers, though, is the possibility of Japan legalizing gambling ahead of the 2020 Olympics, which could eventually see Japan raking in $15 billion in gambling revenue each year, thus becoming the largest gambling market in the world, second only to Macau.
“Key political figures have publicly backed the initiative, and the ruling party currently has the votes to pass it. The casino gambling bill – the first step – is likely to be presented in 4Q,”  wrote analysts.

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