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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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Gambling News :
Wanajump Launches -
#Wanajump Spanish online and land gambling operator Grupo R. Franco appears to be emulating the William Hill group, announcing this week that it is to begin a start-up accelerator program for innovative entrepreneurs, which it has titled Wanajump.
Coral Launches player proposition betting product -
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Oshi online casino now accepts fiat currencies -
The Oshi online casino, which started just a year ago as a Bitcoin-denominated operation, has described its expanded activity in a statement this week, noting that in addition to Bitcoin it now accepts fiat currencies and has added new game providers to its roster of suppliers.
New Standards for UK Online Gambling -
Online gambling service and technology providers, along with operators and testing agencies will be studying the new gambling software and technical standards proposal published by the UK Gambling Commission following a public consultation.
Pennsylvania Gambling Bill 1887 returned with additions -
The interaction between the Pennsylvanian House and the state Senate has become increasingly like watching a game of ping pong as the two political establishments wrestle with online gambling legalization and court-ordered tax fixes in the dying days of the current political season.
Mybet Earnings Struggle -
The statement this week reveals that Mybet continued to be hampered by negative trends from historic quarters, making its original performance estimate "unrealistic".
Tom Horn Awarded Malta Gaming License -
Online gambling software provider Tom Horn Gaming has been awarded a Malta Gaming Authority license that permits the company to host and manage Malta-based gaming operators.
Calvin Ayre invests in new Antigua Business Center -
Ayre joined with government officials this week in a ground-breaking ceremony for a five-story centre on Antigua which will be home for the venture. The "green" building will be solar powered and provide employee-friendly services like catering, a gym and child care.
Attack of the Zombies Slot -
Online gambling games developer Genesis Gaming has unveiled its latest game, with a theme based on a horror story of the undead, exploiting the current trend....and just in time for Halloween.
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