Article by iConsultants
With increasing foreign investments and liberalization of its gaming industry, Macau is currently experiencing unprecedented economic growth. Revenues in Macau’s now $15 billion gaming industry surpassed those of Las Vegas near the end of 2006. According to Macau’s Statistics and Census Service and the Nevada Gaming Control Board during the period from January through November of 2006, Macau casinos took in $6.485 billion from slots and table games, beating Las Vegas’ $6.079 billion.
Macau now has 29 casinos and more are being developed and built. Until 2002, Macau gambling was a monopoly. Casinos were controlled and operated by tycoon Dr. Stanley Ho’s flagship company STDM. Casino operators now include foreign casino giants such as Wynn Resorts, Sands and MGM Grand. Sands opened on the Macau waterfront in 2004 and earned back its $260 million investment in less than a year. Continuing its success, Sands opened in the summer of 2007 the 3000-room, 350 shop, $1.8 billion Venetian Macau, a hotel, casino and shopping complex, the largest of all the casinos in Macau and the first of many family and convention-friendly developments to come. [...]