Macau Enjoys 13.5% Increase in Revenues
Macau has released its casino figures for May and they showed an impressive 13.5% increase in revenues to $3.7 billion compared to May of last year. The increase was in keeping with the 12% – 15% rise that analysts had predicted and made May the second most profitable month of the year so far.
The results were especially impressive considering that Macau has been suffering from its worst torrential rains since 1982 which restricted access to the gambling enclave for two days. However, revenues were boosted by the improving Chinese economy and a number of national holidays.
Most of Macau’s gambling revenue is generated by high rolling VIP gamblers who will spend hundreds of thousands of dollars at a time. The CEO of MGM China said that “VIP business will continue to be solid, although it may not be growing as fast as the mass market. In absolute terms, the VIP business is huge.”
There are a number of infrastructure developments being planned to make Macau easier to access and increase the number of visitors. There are plans to upgrade the ferry terminals and the international airport as well as plans to build a bridge joining Hong Kong, Zhuhai and Macau.