Now officially the world’s largest gambling center, the Chinese province of Macau reported an amazing 70% increase year-on-year in July as international bettors turned back to casino games after the 2010 FIFA World Cup. Macau’s Gaming Inspection and Coordination Bureau reported that the July intake of over $2 billion also represented a 20% increase over June figures.
Under Chinese gambling laws, Macau is the only place in the country where land-based casinos are allowed and where it’s legal to bet on sports in China. Though Macau is feeling something of the pinch of a slowing economy in China, the casino industry appears to be doing fine, indeed. July marked the second-highest grossing month for the province’s gambling facilities, behind May of this year, in which about $2.6 billion was taken in. Monthly gambling revenue has stayed above $1.527 since July 2009.
New York-based analysts Jeffries & Co. reported that “These results are better than expected and confirms our belief that Macau gaming revenue will continue to be strong throughout 2010, despite a modest cooling of the Chinese economy.”