Macau casinos record exponential growth over past year
AN increase in tourists and a resurgence in spending by wealthy punters led to a 29 percent rise in monthly revenue in Macau casinos, according to Reuters.
Gambling revenue reached a significant US$2.86 billion in July, marking an overall growth compared to last year.
New resorts in the special administrative region including Wynn Macau Ltd, MGM China Holdings Ltd, SJM Holdings Ltd, Sands China Ltd, Melco Resorts & Entertainment Ltd and Galaxy Entertainment Group Ltd contributed to the growth, the report said.
Macau’s bustling Cotai Strip – an entertainment district away from Macau’s peninsula – has sealed its status as a gambling precinct.
Ongoing infrastructure development such as a new ferry near Cotai and plans to launch a light rail service will likely drive in more customers.
However, even some of the region’s most plush hotels including The Venetian Macao which has been wooing customers with its gondola rides and Eiffel Tower replica, are having trouble locking down the crowds as more customers are becoming fussier about where they play, analysts told Reuters.
Macau is the only special administrative region in China that legalizes gambling. It’s largely known as the Vegas of the East.
Additional reporting by Reuters.