Gaming revenue in Macau breaks new record

Gaming revenue in Macau breaks new record

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Gambling revenue in Macau, the world's largest gaming destination, broke a new record in October, rising 42 percent year on year to 26.9 billion patacas (US$3.4 billion), with demand from Chinese mainland visitors continuing to defy concerns over the global economy and a domestic credit squeeze, Shanghai Daily reported.

Widely expected to hit a new record because of the mainland's Golden Week holiday, October revenue easily beat August's high of 24.8 billion patacas, according to government figures.

Worries that a credit squeeze on the mainland would impact Macau's lucrative junket industry has sapped sentiment over the last two months despite the junkets, facilitators who advance loans to wealthy mainland gamblers and collect debts afterwards, saying it was business as normal. Casino executives have said they do not expect growth to stay at 40-50 percent indefinitely, but that fundamentals of the lucrative industry remain solid because of factors including still untapped mainland demand, an appreciating yuan and rising wages.

The October revenue figure of US$3.4 billion is more than half of what Las Vegas is expected to make for the whole of 2011, the newspaper said.