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Macau's gambling income up moderately
Source: Agencies |
September 4, 2012, Tuesday
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GAMBLING revenue growth in Macau, the world's most lucrative casino market, picked up moderately last month after hitting a three-year low, data released yesterday showed, as high-rolling gamblers raised their bets at tables in the city.
Revenue rose 5.5 percent to 26.1 billion patacas (US$3.3 billion) in August from the same month last year, according to data posted on the Macau gambling authority's website.
Macau's casino revenues have surged at double-digit rates in recent years thanks to big-spending Chinese mainland gamblers. Revenue zoomed up 42 percent last year to US$33.5 billion, more than five times the amount earned on the Las Vegas Strip. But growth has cooled this year as China's economy has slowed.
In July, revenues rose just 1.5 percent, the slowest rate since mid-2009 and during the depths of the global recession.
The August figures ease some of the concern over the effect of mainland's slowdown on Macau, whose fortunes are highly dependent on domestic wealthy gamblers.
The data also showed that revenues were the second-highest ever for Macau casinos, topped only by last October's 26.8 billion patacas. For the first eight months of the year, revenue rose 15 percent annually.
Macau is the only place in China where casino gambling is legal. Authorities ended a four-decade casino monopoly in 2002, transforming the city into an Asian gambling powerhouse by opening the way for foreign operators.
Revenue rose 5.5 percent to 26.1 billion patacas (US$3.3 billion) in August from the same month last year, according to data posted on the Macau gambling authority's website.
Macau's casino revenues have surged at double-digit rates in recent years thanks to big-spending Chinese mainland gamblers. Revenue zoomed up 42 percent last year to US$33.5 billion, more than five times the amount earned on the Las Vegas Strip. But growth has cooled this year as China's economy has slowed.
In July, revenues rose just 1.5 percent, the slowest rate since mid-2009 and during the depths of the global recession.
The August figures ease some of the concern over the effect of mainland's slowdown on Macau, whose fortunes are highly dependent on domestic wealthy gamblers.
The data also showed that revenues were the second-highest ever for Macau casinos, topped only by last October's 26.8 billion patacas. For the first eight months of the year, revenue rose 15 percent annually.
Macau is the only place in China where casino gambling is legal. Authorities ended a four-decade casino monopoly in 2002, transforming the city into an Asian gambling powerhouse by opening the way for foreign operators.
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