Gambling Revenue Surged 22.3% in Q3 for Macau

November 9, 2009

Way to go, Macau! In only 3 months, Macau has managed to increase its gambling revenue and the Government is now enjoying profits of 31.78 Billion patacas ($3.81 Billion). They anticipate continued revenue growth into the Q4 because of a low comparison-base effect, but are not putting their head on the block that revenues earned in Q3 will be repeated in Q4. Neither are they speculating that the revenues were attributed to the additional 220 gambling tables that were installed in their casinos within the last 3 months.

The Government will, however, meet with its 6 casino Operators to review several matters, including the number of gambling tables in Macau, restrictions on setting up of new slot machines, and the raising of the entry age limit for casinos to 21 instead of 18 as it is currently. These reviews are to prevent “unlimited expansion”, a problem they had already begun to curb 7 years ago, with the granting of licenses to SJM Holding Ltd., Las Vegas Sands Corp., Wynn Macau Ltd., Melco Crown Entertainment, MGM Grand Paradise SA; and Galaxy Entertainment Group Ltd. This saw the end of a 40-year monopoly on casino gambling in Macau, which was enjoyed by Stanley Ho, a local casino businessman. Travel to Macau was further restricted by Beijing in an attempt to limit growth in Macau’s gambling industry and individuals from mainland China can now receive a visa for Macau only once every two months, as opposed to pre-October 1, 2009, when they could obtain a visa once a month. Further, Macau Operators have been ordered by the Government to reduce the commissions paid to Junket Operators, who bring the VIPs to the casinos to 1.25%, 0.1% less than the junket operators previously enjoyed.

Gambling revenues in Macau increased by 52% in September 2009 as compared with September 2008 and overall revenues generated in September 2009 were recorded at 10.8 billion patacas (US$1.37 billion). Whatever Macau is doing, they’re doing it very well and we wish them continued prosperity.

Get your piece of the pie at Titan Casino.

Written by admin · Filed Under Casino News, General News 
Tagged:

Comments

Comments are closed.