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| Macau: Gambling Capital Of The World |
| August 18, 2008 MacauWorld.com |
| With increasing foreign investments and liberalization of its gaming industry, Macau is currently experiencing unprecedented economic growth. Revenues in Macau's now $15 billion gaming industry surpassed those of Las Vegas near the end of 2006. According to Macau's Statistics and Census Service and the Nevada Gaming Control Board, during the period from January through November of 2006, Macau casinos took in $6.485 billion from slots and table games, beating Las Vegas' $6.079 billion. |
| Macau now has 29 casinos and more are being developed and built. Until 2002, Macau gambling was a monopoly. Casinos were controlled and operated by tycoon Dr. Stanley Ho's flagship company STDM. Casino operators now include foreign casino giants such as Wynn Resorts, Sands and MGM Grand. Sands opened on the Macau waterfront in 2004 and earned back its $260 million investment in less than a year. Continuing its success, Sands opened in the summer of 2007 the 3000-room, 350 shop, $1.8 billion Venetian Macau, a hotel, casino and shopping complex, the largest of all the casinos in Macau and the first of many family and convention-friendly developments to come. |
| Currently, the Macau gambling industry generates over 40% of the GDP of Macau. Taxes on gambling profits generated over 70% of Government revenues annually. Macau is now the highest volume gambling center in the world. |
| Last year close to 30 million people visited Macau, an increase from the year before; however, less than 10% of the visitors were from outside of China, Hong Kong or Taiwan. According to Maria Helena de Senna Fernandes, deputy director of Macau's Tourist Office, the number of international visitors has increased to over 10% during the first half of 2008. "We hope we can gradually raise this, for over the long-term Macau ought to develop the international market," Senna Fernandes announced during a recent news conference. "Strategy-wise it's very important for us to go for diversity," she added. "Diversity in terms of product, and diversity in terms of the markets we are pursuing. So international markets will be very important in the future." |
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