Macau Casino Revenue Increase 30% 2011
According to CLSA Ltd, Macau’s revenue might increase by as much as 30% which roughly translates into $30 billion in profit for this year, due to a substantial increase from visitors from mainland China.
As the Chinese economy grows so will the average spending per household in China too, in turn this would mean more Chinese would be able to afford it to wager at Macau’s top casinos. The casino group Wynn Macau, founded by billionaire Steve Wynn, gained 4.6 percent to HK$21.50 at the 4 p.m. close of trading in Hong Kong, this figure is its highest since its debut in October 2009. Sands China’s share prices increased by 5.1 percent, this is also a new record for the company.
Visitor arrivals in Macau’s increased by 15 percent to 22.7 million in 2010 for the first 11 months, China and Hong Kong accounted for more than 80 percent, the city’s tourism agency said. Tourists from mainland China has grown to 20.5 percent in the first 11 months, based on data released from the agency. Mainland China excludes Hong Kong, Macau or Taiwan. Melco International Development Ltd., currently in a joint venture with Australian tycoon James Packer’s Crown Limited share prices increased by 4.9 percent.
SJM, has the largest market cap in Macau according to CLSA, rocketed to 4.8 percent to HK$14.98, since its debut in 2008 this is its highest close. It’s predicted that the gambling revenue for the top six casino operators in Macau might increase by as much as 25% to a astounding $38 billion in 2012 next year, the CLSA analysts wrote.
Casino revenues in Macau an ex Portuguese colony has increased by 58 percent to 188.3 billion patacas or $23.5 billion in 2010, according to government data. 2009’ revenue amounted to $8.6 billion; this is 50 percent more than the overall gambling revenue for the Las Vegas Strip, according to Bloomberg. As the globe’s premier gambling hub Macau has surpassed the Las Vegas Strip in 2006. This followed after the government of Macau gave the green light to foreign based casino operators to open up new casinos in the country. Effectively ending Stanley Ho’s forty year reign as the undisputed gambling king pin of Macau.[addtoany]