Saturday, Apr 19, 2014Saturday, Apr 19, 2014
News
 

Macau rakes in over $56 billion gaming revenue in 2013, up 19 per cent

Published on Jan 2, 2014 2:51 PM
PRINT EMAIL
 

HONG KONG (REUTERS) - Macau raked in US$45 billion (S$56.83 billion) in gambling revenue in 2013, 18.6 per cent more than in 2012, as the world's biggest and China's only casino hub continued to blaze ahead of rival gaming destinations.

Macau, 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 Ltd's Venetian Macao and Galaxy Entertainment Group Ltd's Galaxy Macau.

Improved access to the region boosted revenue last year from China's growing middle class, offsetting slowing VIP growth brought about in part by the government in Beijing's campaign against conspicuous spending by public officers.

In December, revenue grew 18.5 per cent from a year earlier to 33.5 billion patacas (S$5.32 billion) thanks to a rise in holiday-season visitors. That compared with the 13 per cent to 17 per cent estimates of six analysts.

 
If you are not a subscriber, you can get instant, unlimited access here