Thursday, October 19, 2006

Macau's gaming industry chalked up yet more record takings in the second
quarter of the year, racking up 12.9 bln patacas, government figures showed.
Census Department statistics showed that gambling receipts outstripped all
other forms of income, as they rose 11 pct year on year in the three months.
By comparison total exports amounted to 5.6 bln patacas. With annual
gambling receipts expected to near 7 bln usd, the city is already believed
to have overtaken the earning power of the Las Vegas Strip casinos. Such
growth -- in excess of 25 pct last year -- had been fuelled by a sudden
surge in tourist arrivals since travel restrictions were lowered in the
Chinese mainland. That has been matched by a massive increase in overseas
investment following changes in 2001 to rules governing the foreign
ownership of casino licences, which until then had been monopolised by
tycoon Stanley Ho. As a result some 25 bln usd has been committed to
building some 20 new hotel-casino complexes over the next few years in
anticipation of tourist arrivals in excess of 20 million.