Gambling Revenues Soaring in Macau

 Gaming revenues received by the Macau government rose 13.4 percent during the first three quarters of this year, as tourists from China and overseas traveled to the former Portuguese colony, after the opening of the first "Las Vegas style casino" in nearly three years, experts said.

Casinos have been investing heavily in Macau since its government opened its gaming market to foreign operators five years ago, reckoning that Chinese and other Asian gamblers would gravitate to the only place with legal casinos in China.

Wynn Resorts Ltd. last month launched a $1.2 billion hotel-casino. Meantime, Las Vegas Sands Corp. opened the city's first Las-Vegas style casino in nearly three years.

More Visitors

The number of visitors to Macau rose 14 percent during China's National Day holiday from Oct.1 to Oct. 7, according to government figures. Wynn Macau resort took in about $900 million in chip sales in its first 13 days of operation, Chairman Stephen Wynn recently told reporters.

Macau took in record tax revenues last year, and expects to beat that tally this year.

Macau may even some day beat the Las Vegas strip as the world's largest gaming hub in terms of revenues. Macau's gaming revenue soared to $3.1 billion during the six months ending in June, more than the revenues of the entire year of 2002, according to the city's Gaming Inspection and Coordination Board.

The Las Vegas strip, by contrast, collected $3.3 billion in gaming revenue in the same period, according to the Nevada Gaming Control Board.


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