A Revenue Record Breaker for Macau Casinos
After a predicted slump in revenue in January, Macau casinos rebounded beyond expectations in February. The casinos raked in 4.8 billion for the short month, up 40% over the prior year’s numbers. An incredible feat, when you compare it to the six billion that Singapore casinos brought in for the entire 2013 year. Even when compared to Las Vegas, Macau brings in more gambling revenue in two months, than Las Vegas does all year. Analysts were predicting growth between 20-35%, so this dramatic increase was completely unexpected.
In the past, most of Macau’s revenue came from its elite gamblers, mainland wealthy players who bet up to and over one million Yuan per bet. However, the new growth is coming from the influx of middle class gamblers who spend far less per bet, but come in such great numbers; they are changing the dynamics in the Macau casinos.
To attract even more of this new middle class type of client, Macau is trying to clean up its image and offer more family friendly venues. It has made an ambassador of football great David Beckham, and is hoping to establish a Vegas type feel by luring acts such as the Rolling Stones to its shores. The territory has also opened a Giant Panda exhibit, as well as a science center and planetarium. Additionally there is go-kart riding and a massive twenty meter grass slide at Taipa Grande Nature Park. The idea is to bring not just the gamblers to Macau for a day or two, but the whole family for a week holiday.
There is little doubt that Macau has become the global hotspot for gambling, but it is yet to be seen if it can match Las Vegas in sheer extravagance. However, with almost five billion dollars of revenue being seen in a short month like February, they certainly have the funds to make Macau the Vegas of the East.