Macau marches on with 24% revenue rise
24% revenue rise in March
GAMBLING revenue rose by 24% in Macau in March, continuing to maintain its reputation as the world’s largest gaming hotspot. It surged to an impressive 24.99 billion patacas, ($3.12 billion) government figures showed today.
The revenue looks set to rise further, especially with the grand opening of Las Vegas Sands Corp’s new $4 billion casino on April 11. Reuters reported that gaming revenue in the former Portuguese colony reached $33.5 billion last year, and has shown robust growth over the past three months, but investors remain cautious that slowing growth and rising bad loans in China will impact the industry.
Gamers have continued to flock to Macau since 2009, as it’s thrived within the gambling world despite China tightening measures and local government policies aimed at slowing growth to a more measured pace. The WSJ reported that The Chinese territory remains the largest gambling center in the world many times over. Last year it raked in more than five times the gambling revenue of the Las Vegas Strip.
