Analysts estimate Macau’s take to be seven times bigger than Las Vegas Strip profits.
In its brief history, Macau has become one of the top casino destinations in the world. Ever since Macau gambling laws were changed to end the state monopoly and open up the market to foreigners, casinos in the area have been thriving.
As laws forbid internet gambling in Macau, Chinese and foreign players still have several land-based casinos to choose from. The Chinese city has again broken its annual record, with last year’s revenue reaching an amazing $45 billion. On a year-to-year basis, profits have gone up 18.6%. December’s financial report alone shows a $4.2 billion income.
The Asian version of Las Vegas
Union Gaming Research analyst Grant Govertsen calculated that Macau’s total profit could amount to seven times more than revenues made on the Las Vegas Strip. It goes to show that government officials have made the right choice when they decided to end the state casino monopoly and make room for foreign developers like Las Vegas Sands or Wynn Resorts.
When casino developers started to compete for Asian players, the gambling market in Macau flourished and started making record profits in no time. The glamorous casino resorts on the Cotai Strip have been sold to gamblers around the world as the Asian version of the Las Vegas Strip.
Last year’s profits indicate that Macau has not reached its peak yet. Casino developers continue to pour billions of dollars into new casino projects in the area.