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Macau Casinos Keep Earning
There’s apparently no stopping the gambling boom in Macau, an island off the Chinese coast renowned for gambling entertainment. The latest statistics from the Macau Gaming Inspection and Coordination Bureau reveal that compared with June last year, 2010 June revenues are up 65 percent to 13.6 billion patacas ($1.69 billion).
However, compared to May 2010 numbers, June saw revenues ease by some 20 percent.
Industry observers attributed the easing in June to massive betting – especially in VIP wagering - on the football World Cup, a temporary situation that will cease to be a factor mid-July. They pointed out that August is traditionally the summer travel season which should see a return to normal business levels in Macau.
Deutsche Bank analysts say that China’s economic growth, coupled with a lending surge, is fueling a boom in revenue for casinos in the only place in the country where they are legal. Junket operators, who bring high-limit gamblers to the city and lend them money, are benefiting from a “sudden increase” in credit, report the Bloomberg business news service.
CLSA Ltd.’s Macau Gaming Index has outperformed Hong Kong’s benchmark Hang Seng Index by 40 percent this year, according to CLSA analyst Aaron Fischer. SJM Holdings Ltd., the casino operator with the biggest market share in Macau, has gained 54 percent this year while the stock benchmark has dropped 8 percent.
Bloombergs notes that Macau casino gambling revenues surged 57 percent in the first quarter to about 41 billion patacas as China’s economic growth accelerated to 11.9 percent, the fastest pace in almost three years.
This month’s number means 2010 Q2 revenue for casinos in the former Portuguese colony increased 77 percent to 44.9 billion patacas. The total for 2010 H1 rose 67 percent to 85.9 billion patacas.
Revenue growth from high rollers placing wagers at baccarat tables where the lowest bet per hand is 10,000 patacas was about 124 percent in May compared with 58 percent for “mass- market” bettors, Deutsche Bank said in a separate note. The bets at Macau’s “VIP tables” can go up to as much as 2 million patacas a hand.
VIP gamblers contribute about 70 percent of Macau’s gambling revenue, according to CLSA estimates.
Macau surpassed the Las Vegas Strip as the world’s biggest gambling hub in 2006. Bettors wagered a record 119 billion in Macau’s casinos last year, 9.7 percent higher than in 2008.
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2017 Aussie Millions Event 1 -
The Melbourne-based player bested a field of 1,565 entries - 245 up on last year's equivalent - to end up in the heads up with New Zealnad's Qiang Fu, but not before both he and Qiang had narrowly escaped at the four-handed stage when they were the low stacks.
Swiss Reject idea to Block Gambling Websites -
The Legal Affairs Committee of the Swiss National Council has nixed new regulations which would have blocked access to online gambling sites in Switzerland, according to local media reports Tuesday.
Growth Ahead For Online Gambling -
Transparency Market Research has issued a teaser on its latest international online gambling and betting survey, forecasting that the industry will grow at a Compound Annual Growth Rate (CAGR) of 10.8 percent by 2024.
New Qubit software For SkyBetting -
#qubit Sky Betting & Gaming aims to top its record 50 percent revenue growth last year with new player differentiation software and expertise provided by the Qubit company.
Slotfather II Slot Launching -
#betsoft The first is a sequel to the popular gangster-themed online slot Slotfather, unsurprisingly titled Slotfather II, whilst the other is a new 243 ways-to-win game titled Fa Fa Twins..
Massachusetts Online Lottery Bill -
Flanagan's confidence was clearly boosted by the bill's success in the Senate last year, although it was not developed by the House and ran out of time.
Italy Doing Well With Online Sports betting -
The latest numbers from the Italian regulator show that online sports betting remains king when it comes to internet gambling in the market, generating Euro 391.8 million in turnover in December 2016.
Michigan To Reintroduce Online Gambling Bill -
#Michigan state Sen. Mike Kowell's staff have confirmed that the senator plans to reintroduce his online gambling legalization bill, which failed to make it through the last legislative season.
MGM Buys DC office building For lobbying team -
#MGM Resorts International has bought a new Washington, D.C., office building for its in-house lobbying team, led by former chief counsel to the now retired Nevada Sen. Harry Reid, Ayesha Khanna.
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