Macao’s gaming market grew at a rate that defied even the most bullish expectations last year to become five times bigger than Las Vegas, powered by the eagerness of China’s nouveaux riches to gamble.
The former Portuguese colony on Tuesday announced that December’s gaming revenue rose 25 per cent from a year ago, taking the year’s total to $33.5bn, up 42.2 per cent from the previous year.
“Following the 57 per cent growth in Macao’s gaming revenue in 2010, nobody expected the market to grow at the rate that we have seen. At the beginning of 2011, we were expecting a 20 per cent growth for that year, and we were among the most bullish in the sector,” said Aaron Fischer, Asia head of consumer and gaming research at CLSA.
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