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Macau Revenues soar 58 percent
Posted on 1/3/11 : NOTHER RECORD YEAR FOR MACAU
Revenues soar 58 percent on offshore gambling island
The gambling island of Macau off the Chinese coast has once again proved that it leads the global field, reporting revenues up 58 percent in 2010 to a new record of 188.34 billion patacas ($23.5 billion).
Analysts said the achievement was based on floods of punters from the Chinese mainland and the continued ascendancy of the Chinese national economy, with December gambling revenue soaring 66.4 percent to a record monthly high of 18.883 billion patacas, according to the Macau Gaming Inspection and Coordination Bureau.
The Reuters news agency reports that stellar growth in revenue in 2010 contrasts with a growth of only 10 percent in 2009, and opined that significant discretionary spending by affluent Chinese would continue to drive revenues in 2011 despite global economic storm clouds, although growth could moderate somewhat.
"The absolute level of the market is massive so it's hard to sustain that level of growth," said Aaron Fischer, CLSA's head of Asian gaming research, who expects Macau gambling revenue growth of 20 percent this year and 25 percent in 2012. Other observers were less optimistic, predicting 2011 growth of 17 percent, although they cautioned that a swing of ten percent in either direction was not impossible.
Janet Brashear of Bernstein research said: "Government and economic variables abound however, which could alter the growth rate dramatically in either direction."
Two new integrated casino resorts will be finished within 18 months on the Cotai strip, fuelling competition.
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Asia Gaming To Showcase Live Dealer Action -
Asia Gaming will be practically demonstrating its live dealer baccarat at the ICE show next month. The Asia-facing online gambling provider is on the expansion trail and intends to make a big impact at the expo and conference in London.
2017 Aussie Millions Event 6 -
Heads up, Boivin faced local pro Joel Feldman, but the Aussie proved to be no match for an on-fire Boivin who dispatched him with the runner up prize of A$78,440.
2017 Ice Totally Gaming -
Next month's ICE Totally Gaming conference and expo will again be a truly international affair, following confirmation by organizers Clarion Gaming that a total of 67 jurisdictions and sovereign states will be represented on the show floor at ExCeL Centre, London.
IGT in 7 Year Deal With Svenska Spel -
#IGT , as legacy #GTECH , has been providing video lottery products and support services to the state-owned monopoly Svenska Spel since 1996, the statement reminds readers.
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