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Macao rakes in $45 bln gaming revenue
http://www.ecns.cn/business/2014/01-03/95367.shtml
Jan 3rd 2014, 01:57
2014-01-03 10:57 Global Times
Macao raked in $45 billion in gambling revenue in 2013, 18.6 percent more than in 2012, as the world's biggest and China's only casino hub continued to blaze ahead of rival gaming destinations.
Macao, which earns seven times more than Las Vegas, has seen revenue soar in recent years thanks to its proximity to vast numbers of increasingly wealthy Chinese dazzled by fortress-sized resorts such as Sands China's Venetian Macao and Galaxy Entertainment Group's Galaxy Macau.
Improved access to the region boosted revenue last year from China's growing middle class, offsetting slowing VIP growth.
Revenue growth of big-spending VIPs slowed last year as China's central government clamped down on ostentatiousness among officials. At the same time, improved infrastructure has helped more of the middle class reach Macao.
China's expanding high-speed train network and pro-jects such as a 38 billion yuan ($6.28 billion) bridge connec-ting Hong Kong, Macao and Zhuhai on the mainland are reducing traveling times to Macao. The development of neighboring Hengqin island in Guangdong Province is also likely to boost visitors to Macao.
Only around 4 percent of Chinese have visited Macao, industry watchers estimate, leaving ample room for growth.
Analysts see 2014 growth of 10 percent to 14 percent partly because there will not be any new casino openings until 2015, meaning there will be no new gaming capacity or additional hotel rooms to keep pace with growth.
Projects under construction are subject to a new ruling whereby the local government allocates gaming tables based on the inclusion of non-gaming features. Macao is trying to diversify its sources of revenue, over 80 percent of which comes from the gambling industry.
Casino mogul Steve Wynn, through his Wynn Macau Ltd unit, is building a $4 billion floral-themed resort featuring an artificial lake and dancing fountains. US billionaire Sheldon Adelson of Sands China is building a miniature Eiffel Tower dubbed the Parisian which will have a mall and convention space.
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