Casinos’ revenue increased 40% in February 2014 compared to the same period last year, exceeding all expectations and setting a new record.
According to Bloomberg, Macau’s total casino revenue in February reached 38 billion Pataca, equivalent to 4.75 billion USD, compared with the forecast of 36 billion Pataca that analysts made earlier. This revenue broke the previous record set in October last year was 36.5 billion Pataca.
According to data from the Macau Tourism Office, more than 770,000 mainland Chinese tourists visited the city during the New Year, up 23% from the same period last year. Meanwhile, the population of Macau is only about 600,000 people.
In response to the growing demand from mainland Chinese, casinos operating companies in Macau such as Sands, SJM and Galaxy have all added shopping malls, entertainment programs and hotel room expansions. In the first 2 months of the year, Macau casino revenue increased by 24% YoY to 66.7 billion Pataca. With this result, according to analysts, the prospect of growth of the online casino industry in this territory this year is quite positive.
In January this year, observers kept a cautious view on Macau’s casino revenue prospects this year, when revenue only increased by 7%, the lowest since October 2012, reaching 28.7 billion.
Last year, six casinos in Macau achieved $ 45.2 billion in revenue, 7 times higher than the revenue of the “US gambling capital” Las Vegas. Last month, Sands CEO Edward Tracy forecast that casino revenue in Macau this year will reach about 15%.
In 2013, Galaxy’s share price doubled in Hong Kong, making billionaire founder Lui Che-woo the second richest person in Asia. According to Bloomberg data, Mr. Lui currently owns a net worth of about $ 23.5 billion.
Galaxy owns 2 million m2 of land in Macau, enough to quadruple the current business area of the corporation.