GAMING REVENUE SKYROCKETING
Macao, the only place in China where gambling is legal, saw spiraling growth of the gaming industry after opening up the century-old sector to foreign competition in 2002. In 2010, the city raked in 23.5 billion U.S. dollars in gambling revenue, about four times more than those of Las Vegas strip.
Boosted by high-spending visitors mainly from the Chinese mainland, Macao's gaming sector has experienced a record-breaking streak in monthly revenues so far this year.
According to the latest official figures released by the city's Gaming Inspection and Coordination Bureau, total revenues of Macao 's gaming sector for April this year reached a record high of 20. 50 billion patacas (2.56 billion U.S. dollars).
For the first four months of this year, the figures increased by 43.3 percent year-on-year to 9.88 billion dollars, with revenues in March this year surpassing that of the whole year of 2001.
As investors have more confidence in Macao's gaming sector, shares of casinos being listed in Hong Kong stock exchange advanced at an even more astonishing pace.
SJM, Macao's leading casino owned by Stanley Ho, has seen its share price reaching a record high of over 18 HK dollars per share last week from 4.56 HK dollars per share one year ago.
The latest figures indicated that SJM recorded a total of 18.14 billion Hong Kong dollars (2.33 billion U.S. dollars) in gaming revenue for the first quarter this year, up 43 percent year-on- year.
Meanwhile, GEG has also quadrupled in market value over the past year, reaching an all-time high of 15.38 HK dollars per share on May 19.
"This is a golden opportunity for us to open Galaxy Macao, we are confident," Francis Lui, vice chairman of GEG, told a news conference ahead of Galaxy Macao's opening ceremony on May 15.
Wynn Resorts, which is in the process of opening a headquarters in Macao, held the annual meeting here on May 17, an indication of Macao's importance for the U.S.-based gaming empire.
"Frankly, we think of ourselves very deeply as a Chinese company in many respects..Our revenues and the rest of our financial posture clearly indicate that to be so, and that is one of the reasons why we are so grateful and humble to be here," said Steve Wynn at a media briefing before the annual meeting.
Macao, the only place in China where gambling is legal, saw spiraling growth of the gaming industry after opening up the century-old sector to foreign competition in 2002. In 2010, the city raked in 23.5 billion U.S. dollars in gambling revenue, about four times more than those of Las Vegas strip.
Boosted by high-spending visitors mainly from the Chinese mainland, Macao's gaming sector has experienced a record-breaking streak in monthly revenues so far this year.
According to the latest official figures released by the city's Gaming Inspection and Coordination Bureau, total revenues of Macao 's gaming sector for April this year reached a record high of 20. 50 billion patacas (2.56 billion U.S. dollars).
For the first four months of this year, the figures increased by 43.3 percent year-on-year to 9.88 billion dollars, with revenues in March this year surpassing that of the whole year of 2001.
As investors have more confidence in Macao's gaming sector, shares of casinos being listed in Hong Kong stock exchange advanced at an even more astonishing pace.
SJM, Macao's leading casino owned by Stanley Ho, has seen its share price reaching a record high of over 18 HK dollars per share last week from 4.56 HK dollars per share one year ago.
The latest figures indicated that SJM recorded a total of 18.14 billion Hong Kong dollars (2.33 billion U.S. dollars) in gaming revenue for the first quarter this year, up 43 percent year-on- year.
Meanwhile, GEG has also quadrupled in market value over the past year, reaching an all-time high of 15.38 HK dollars per share on May 19.
"This is a golden opportunity for us to open Galaxy Macao, we are confident," Francis Lui, vice chairman of GEG, told a news conference ahead of Galaxy Macao's opening ceremony on May 15.
Wynn Resorts, which is in the process of opening a headquarters in Macao, held the annual meeting here on May 17, an indication of Macao's importance for the U.S.-based gaming empire.
"Frankly, we think of ourselves very deeply as a Chinese company in many respects..Our revenues and the rest of our financial posture clearly indicate that to be so, and that is one of the reasons why we are so grateful and humble to be here," said Steve Wynn at a media briefing before the annual meeting.
