Macau Casinos Hit Record $2.36 Billion Revenue In October 2010

Macau’s casinos have set a new gross gaming revenue record, after taking in a staggering US$2.36 billion for the month of October.
The 49.8% surge in monthly revenue compared to a year earlier, was helped along by an influx of tourist there to celebrate China’s 7-day national holiday, known as the Golden Week.
During the October 1st to 7th festivities, Macau’s visitor numbers were up 13% to 685,000, the majority of whom were from mainland China.
Casino revenues in Macau are now up a total of 59% so far this year, and with China’s economy predicted to grow 10% throughout 2010, the Chinese enclave looks set to continue its impressive growth.
The enclave of Macau is China’s only legal gambling resort and has been known as the “Monte Carlo of the Orient” since overtaking Las Vegas in 2006 as the world most popular gambling destination.
Macau currently has 34 top casinos run by six main companies and according to J.P. Morgan analyst Joseph Greff, the October market share tally was divided up as follows:
SJM 33.3%; Las Vegas Sands 18.6%; Wynn Resorts 13.5%; Melco Crown Entertainment 14%; Galaxy 10.1%; and 10.5% for others including MGM Resorts.
Commenting on their impressive figures, Las Vegas Sands CEO Sheldon Adelson said:
“Looking at our results from the first 25 days of October, our annualized run rate is now substantially in excess of $3 billion…We have never in the history of our company been better positioned to deliver strong growth in the future.”
Despite the obvious success of Macau, the government is keen to promote responsible gaming at the resort while developing a reputation for entertainment and family holidays. As professor and gaming expert Desmond Lam at the University of Macau explains:
“We want people to come, enjoy their time here, return to their homes and still want to come back to Macau. We don’t want a one-off bang, where people come, gamble really big, make big mistakes, go back to be chased by loan-sharks or take money from the Government…this affects the sustainability of the Macau model”.