Macau Casino Continue To Grow Las Vegas Gaming Company Revenue
Sheldon Adelson had fallen on hard times and had lost much of his fortune made in the gaming industry when he decided to place a bet on himself. Adelson moved his Las Vegas Sands brand into the Macau casino industry, and that gamble has paid off in ways the casino executive never dreamt.
When the economy collapsed in the US, the casino industry collapsed with it. Adelson, by taking a risk in the Macau market, avoided the economic fate of many other gaming companies in the country. Now, Macau is the largest gaming destination in the world, and Adelson and Las Vegas Sands have resurrected their status on the New York Stock Exchange.
Figures released on Tuesday indicate that Macau casinos saw an increase of thirty-three percent in revenue for January. The $2.31 billion was up from the same period in 2010, and it showed again that the Macau casinos are strengthening.
In late 2009, the global economy and visa restrictions placed on Chinese mainland residents sent Macau casinos into a tailspin. Analysts began wondering whether success in the area had come too quickly in its infant stages. Just over a year later, however, the industry is again sitting on top of the world.
The Chinese government eased the visa restrictions as the economy started to improve. Those factors led to some of the most gaudy revenue numbers in the history of gaming in 2010. The revenue growth became so great that existing casino owners and the government decided to stop any new projects from starting. The only new casinos would be the projects that were already in the works.
Macau‘s success has come somewhat at the expense Las Vegas casinos. In Sin City, casinos had become accustomed to Asian gamblers flying across the world and spending hundreds of millions of dollars annually. The amount of Asian gamblers traveling to Las Vegas has dropped since Macau casinos have thrived.
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Posted by Senior Editor on Feb 7 2011. Filed under Poker News. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.
