Macau Casinos Show Biggest Increase in Revenue
The Macau government has confirmed a surge in gaming revenue following the publication of new statistics for the month of June. The latest figures indicate a 52.4% rise in annual income for the industry amounting to profits worth 20.8 billion patacas. The first half of the year also witnessed increases of 44.6% amounting to 124.1 billion patacas. The rise has been attributed to the influx of wealthy Chinese tourists eager to spend large sums of cash throughout the holiday period. The former Portuguese colony is now officially the world’s most popular gambling destination and is set to overtake its Las Vegas rival several times over in the course of the year ahead.
Several US operators, meanwhile, have welcomed the figures – enjoying the rewards offered by the thriving Macau market. Organisations including MGM Resorts International, Las Vegas Sands Corp and Wynn Resorts Ltd have reported significant earnings as a result of popular gaming venues including MGM China Holdings Ltd, Wynn Macau Ltd and Sands China Ltd.
Investors have responded to the statistics with particular enthusiasm as Hong Kong listed casino stocks and shares continue to soar to new heights. SJM Holdings Ltd, once the flagship of Stanley Ho, has grown by an astounding 180%. The Galaxy Entertainment Group Ltd, which operates under Lui Che Woo, has climbed an unprecedented 290%. Such figures have inspired positive forecasts for long term prospects of the industry which looks set to capitalise on its success in forthcoming months. The Goldman Sachs Group Inc is currently predicting that Macau’s gaming revenue with reach $50 billion by the close of 2014.