Casino News: Gambling Industry contributing to Macau GDP

Gambling Industry contributing to Macau GDP

 June 3, 2008, 8:10 am (10 years ago)
Comparing to the previous year for the first 4 months of 2008, it seems like that the gambling industry has contributed significantly to Macau’s GDP growth by increasing 31.6 percent more, as stated in the Macau Statistics and Census Service.
Compared to the first 4 months of 2007, Gross Gaming Revenues(GGR) for the period went up by 61.8 percent in nominal terms, and 4.3 percent up for the total visitor expense.

According to the statistics from the Nevada-based Globalysis Ltd, the gambling industry also had a same kind of growth despite the Special Administrative Region(SAR) government’s conclusion to stop the development of Macao’s gaming industry. GGR for 2008 will show the growth of 28.8 percent to US$13.5 billion.

Jonathan Galaviz, partner at the Globalysis said that "It now looks like Macau will bypass not only the Las Vegas Strip once again in terms of gaming revenue in 2008, but for the first time, also that of the entire metropolitan area of Las Vegas (Clark County)," and that Macau GGR is "....a reflection of the generally strong macro-economic environment that Macau finds itself within Asia."

In 2006, Macau gaming revenues exceeded over those of the Las Vegas Strip. That surely got worldwide gambling industry’s attention. This lead further growth of j47 percent to US$10.6 billion in 2007, beating U.S. commercial casinos which had only 5.3 percent rise.

The news publication CRI reports that the construction of mega casino-resort is in process in Cotai district including Cotai Strip project launched by the Las Vegas Sands and the City of Dream built by Melco Grown Entertainment Ltd. When it’s done, there will be almost 20,000 five star hotel rooms and 12 mega casinos offered alone by Cotai.
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