Macau, China, 27 Dec – Receipts from Macau’s casinos are set to surpass those of Las Vegas operators, making the territory the world’s biggest gambling center, according to a media report.
American business magazine Barron’s reported this week that gambling sector profits in Macau in 2004 were US$ 5.28 billion compared to the US$ 5.33 billion netted by casinos in Las Vegas. These figures mean that Macau will overhaul Las Vegas in 2005, added the article.
However, Barron’s notes that profits in the first three quarters of 2005 only rose 13.7 percent, less than the expected growth of 20 percent.
Barron’s analysis of Macau’s gaming sector notes that the enclave’s world dominance could be affected by the recent decision by authorities in Singapore to grant two casino licenses. Thailand and Japan are also considering opening casinos.
The decision by the Macau government to allow US operators Sands and Wynn enter its gaming industry is welcomed by Barron’s.
“These Las Vegas operators will help transform Macau from a simple gambling paradise into a prestigious tourist destination.” (macauhub)