Macau’s casino industry controlled by Stanley Ho’s Sociedade de Jogos de Macau which claims to be home to the world’s largest casino, the Sands Macao, has overtaken the famous Las Vegas Strip as the world’s top gambling destination.
According to the Web site of Macau’s Gaming Inspection and Coordination Bureau:
At the end of 2006, Macau had 24 casinos operating 2,762 gaming tables and 6,546 slot machines.
Macau now earns 70 percent of its revenue from casino taxes. The economy has doubled in four years to $12 billion. It is estimated that its gambling revenue will rise 18% this year to 65 billion patacas.
Four new gambling and entertainment complexes are expected to open this year, including a second project by Sheldon Adelson’s The Las Vegas Sands (LVS). Macau’s 23rd casino, Star World, is opening this week, and billions more dollars are due to be invested in new hotels, casinos and entertainment venues over the next few years.
The city’s gaming revenue may reach $8 billion in 2007, mainly driven by the scheduled opening of Las Vegas Sands’ Venetian Macao in the middle of this year.
The next gambling venue that will open up is Singapore, where in May the government issued its first casino license to Las Vegas Sands. Adelson will spend $3.6 billion building a casino and a 2,500-room hotel and convention center on reclaimed land in Marina Bay, near Singapore’s downtown.
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Via: MSNBC
