Macau just keeps high rolling along
MACAU : Gaming revenues in Macau surged 50 percent year-on-year in the second quarter of this year.
Casino revenues in the territory reached a record 19.57 billion patacas (US$2.51 billion) in the period.
Revenues from VIP baccarat, a game of choice for high-rollers, continued to pull in most of the money for Macau’s 26 casinos – 13.21 billion patacas, up 58 percent from the year before for the three months to June.
The Hong Kong Standard reports that gaming receipts from the territory with a population of only 510,000 people have already overtaken revenues pulled in by the 40 gaming centres along Las Vegas’ famous strip.
In 2006, gross gaming revenues in Macau were equivalent to US$7.2 billion, compared with the US$6.6 billion made on the Las Vegas strip.
Mainland Chinese and Hong Kong visitors made up 86% of a record 22 million visitors who entered Macau last year, a figure tourism chiefs expect will exceed 25 million this year.
However, with more than 58% of revenues generated by high-rollers, CSFB analyst Gabriel Chan cautioned such growth may not be sustainable and added Macau should develop other avenues to further its development.
Nevertheless, analysts said Macau’s newest hotel, the Venetian Macau which will open next month, will attract even more tourists.
The casino-resort, which will be the second largest building in the world and the largest in Asia, will feature 3,000 suites, 1.2 million square feet of convention and exhibition space, one million square-feet of retail space and a 15,000-seat arena.
Ian Jarrett
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