Tremendous Growth Casinos Of Macau
The reason for the tremendous growth of the casino in the recent past is not too far to seek. Recent studies on the expected future growth of various businesses by the Price Waterhouse Coopers have pointed that this industry is one of the fastest growing. After a compounded annual growth rate of 7.2% worldwide, this industry is expected to be worth $144 billion by 2011. The growth in the Asia-pacific region, led by Macau, is expected to be about 15% whereas in US it will be about 7%. As per the statistics of the Gaming Inspection and Coordination Bureau, the casino revenues in Macau have grown about 57% in the first quarter of 2010 as compared to the same period in 2009.
Macau is the only city in China where casino gambling is allowed. Though it was only in 2002 that Macau opened its market for this industry, it has overtaken Las Vegas in terms of casino gambling revenue. No surprises, therefore, that this industry contributes 70% of the local government revenue here.
The growing importance of Macau has also been verified by the recent MGM Mirage decision to sell its stake in the Borgata Casino in order to retain its partnership with Pansy Ho, the daughter of long time Macau gambling monopolist, Stanley Ho. The New Jersey Division of Gaming Enforcement had ruled that MGM will have to end its partnership with Ho in Macau in order to retain its license for the Atlantic City casino. Ho family is believed to have links with the organized crime.
Recently, Steve Wynn, the person largely credited for bringing life to Vegas, has announced the opening of his second casino-cum-hotel Encore in Macau. Till now his company, Wynn Resorts, got 60% of its revenue from the single Wynn Macau facility. The opening of the second upscale boutique hotel casino is expected to take the numbers further up. He has even hinted at the plan to shift his headquarters from Las Vegas to Macau. Due to the recent earthquake toll in the Yushu County of the Qinghai province of China, the celebrations of the opening of Encore have been postponed till Thursday, April 22, 2010.
And, the action is not limited to just this. Here is some of the recent news about the online casinos industry in Macau:
1) Super Slots Casino launches new games with each of the slot having 25 lines and minimum wage money of $0.01 per spin going up to $10 per spin. This US online company has quite a good following in Macau and the players are going to increase.
2) Poker Stars Macau began their Macau Poker Cup (MPC) monthly tournaments with April Special that was concluded on April 18. Max Wu won the MPC and took away the prize money of HKD $1,07,500.00
The next tournament, APPT Macau, which is also the most anticipated, will be held from May 18th to May 23rd. Entry fees for the main event has been pegged at HKD$40,000..
The last leg of the tournaments will be held from July 7th to July 11th. The main event entry fee for this tournament is HKD $10,000.
Macau and the Cotai Strip are fast developing into major gambling hot spots, overshadowing the existing popular justifys like Las Vegas. The Chinese government wishes to slow down the pace a bit so that the industry keeps consolidating as well.