Adelson’s Sands China Shares Up After Macau Reports 13 Percent Rise In March Revenues
The former Portuguese colony Macau continues to cement its status as the largest gambling market in the world. As we reported February revenues were up by a whopping 40 percent. Last year alone gambling revenues in Macau reached $5 billion.
Gambling mogul Sheldon Adelson’s Sands China Ltd is the main player in Macau and it comes as no surprise that he can fund both Presidential campaigns and anti-online gambling campaigns with gambling revenues. The growth rate in Macau continues to defy the forecasts with March reporting a 13 percent rise in gambling revenues. Macau raked in $4.44 billion in March which is largely due to the fact that Macau is the only place in China where casinos are legal.
After the reported rise on Tuesday shares in Macau casino firms were trading higher with Adelson’s Sands China jumping as much as 10 percent. Other major players like SJM Holdings Ltd and Melco International Development jumped 6 and 5 percent respectively.
The Asian gambling market potential is without a doubt the fastest growing and most lucrative due to its sheer size. This massive market is still largely restricted but Casino moguls like Adelson are willing to do whatever it takes to get a foothold in markets like Japan which are showing a willingness to relax their gambling laws.