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| Macao Surpasses Las Vegas in Earnings |
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Macao has surpassed Las Vegas as the largest earning gaming center in the world. Macao's gaming turnover in the first nine months of the year increased 15 percent year on year to 39.25 billion patacas (US$5.031 billion), against Las Vegas' 39.23 billion patacas (US$5.028 billion), Macao Daily News reported yesterday. The special administrative region, China's only city where gambling is legal, thus becomes the world's top gaming centre. Its position is expected to be consolidated by the end of the year because Wynn Resort, which opened in September and drew an increasing number of mainland gamblers during the National Day Golden Week holiday, will push up its revenue further. Industry insiders estimated the SAR's October revenue to hit a record 5.5 billion patacas (US$700 million). They foresee its full-year revenue exceeding 53 billion patacas (US$6.8 billion), a jump of 18.8 percent. The gaming industry's gross revenue last year was about 44.6 billion patacas (US$5.575 billion), an 11.2 per cent increase over 2004. Brighter 2007 The Macao government's budget report for the next year has put the 2007 revenue at 55 billion patacas (US$7 billion). But analysts feel the government figure is "very conservative", and expect it to be more than 60 billion patacas (US$7.7 billion). "Think about the casinos to be opened next year and the growing number of visitors... I don't think Las Vegas has the chance to turn the tables in the coming years," said Zhang Dong, a Guotai Junan analyst who specializes in gaming stocks. Macao opened its gaming market to overseas investors in 2002, breaking the 40-year monopoly of casino mogul Stanley Ho. After that, Hong Kong and foreign investors such as Wynn Resort, Publishing and Broadcasting, MGM and Las Vegas Sands have began operations in the city. "Macao is transforming itself from a simply gambling city to an all-round tourism centre, which in turn will spur its gaming sector," Zhang said. Tourists have long complained that Macao provides little entertainment other than giving them a chance to try their luck on slot machines. So the city is sparing no efforts to enhance its profile as a tourist destination and home to regional conventions and exhibitions. "These efforts will surely increase visitor inflow and draw new faces to casinos," Zhang said. Singapore, expected to legalize gambling soon, is not likely to steal the thunder from Macao because the SAR has the mainland as its vast market. "It's more convenient (for mainlanders) to go to Macao than to fly to Singapore, where everything is more expensive," he said. (China Daily November 19, 2006) |
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