Macau Gambling Revenues Report Record Breaking 31.7% Increase
The former Portuguese Colony Macau is living up to its reputation as the largest gambling territory in the world. There seems to be no stopping the growth revenues in this Southern Chinese territory. Macau reported a massive 31.7% increase in gambling revenues in October year-on-year. This was boosted by the Golden Week holiday which saw an increase of 10.7% in visitors.
Macau casinos are now not only targeting the VIP segment but are focusing on the growing middle class sector from the Chinese mainland. October’s revenues were a record $4.6 billion which is a record . The revenue surge of 31.7% is above analysts expectations which were 27%-30%.
All six casinos in Macau are now actively targeting the “premium mass” segment which is seen as a more stable sector than the VIP gamblers. The growing popularity of gambling in Macau has led to a shortage of hotel rooms who are at maximum capacity. As we reported earlier the exorbitant cost a room in Macau has seen mainland gamblers look to alternatives like the so called gambling boats which are seen as a cheaper alternative to the costly hotel rooms in Macau which can cost up to $700 a night.
Macau is set to continue growing with plans for a bridge joining Hong Kong, Zhuhai and Macau which is set to open in 2016,. Other planned infrastructure improvements include upgrading Macau’s ferry terminal and international airport. With the largest gambling market in the world the potential for growth in Macau is limitless which is why it has become the global leader in the gambling world.