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Macao’s 2007 Casino Revenue Expected to Reach $10 billion

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Macao's casino industry will likely see record gross revenues of 83 billion patacas (USD 10 billion) in 2007, an increase of 46.5% over last year, according to local news reports. The casinos' gross receipts were expected to reach 8.1 billion patacas (USD 1.03 billion) in December according to a senior official of Macao's Gaming Inspection and Coordination Bureau.

The official added that the Las-Vegas-style casino resort MGM Grand Macao, opened on Dec. 18, recorded gross receipts of 51.5 million patacas (USD 6.6 million) in its first two days of operations. The opening of MGM Grand has added to the number of casinos in Macao to 28, including the Macao Palace floating casino that is currently closed for renovation works.

Official statistics released previously also showed that the gaming taxes collected in the first 11 months of 2007 exceeded those for the whole of last year by 34.9%, and direct gaming taxes accounted for 71.4% of the government's total revenue in this period. Macao, an hour by high-speed ferry west of Hong Kong, beat the Las Vegas Strip last year in gaming revenue.

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