By HOWARD STUTZ
LAS VEGAS REVIEW-JOURNAL
Macau’s casino market smashed records and exceeded even the most optimistic expectations for 2013, collecting more than $45.2 billion in gaming revenues during the year.
The figure exceeded 2012’s record total of $38 billion by 18.6 percent. Most analysts previously predicted the Chinese gaming market would grow by 12 percent to 15 percent in 2013.
As a comparison, the Strip produced $6.2 billion in gaming revenues in 2012. Through November, the Strip is up 3.9 percent with December’s totals to be released later this month.
Macau’s Gaming Inspection and Coordination Bureau released the region’s year-end figures Thursday.
The record haul was helped by December, which produced Macau’s second $4 billion revenue month this year.
”Based on numerous conversations we’ve had with casino operators over the past few weeks we find no reason to alter our bullish stance on Macau as we head into 2014,” said Union Gaming Group principal Grant Govertsen, who is based in Macau.
During December, Macau casinos collected $4.2 billion in gaming revenues, an increase of 18.5 percent over December 2012. In October, Macau set a single-month record of $4.6 billion in gaming revenues.
Govertsen predicted Macau’s annual total will be seven-times what the Strip produces in a single year.
Las Vegas Sands Corp., Wynn Resorts Ltd., and MGM Resorts International all operate casinos in Macau, which has roughly three dozen large and small gambling halls. All three Nevada companies are in various stages of building new multi-billion resorts on Macau’s Cotai Strip region.
Macau is the only legal gaming market in China.
Govertsen told investors that gaming trends in Macau over the Christmas and New Year’s period have been “exceptionally strong” over the past two years.
“We would attribute much of this to increased Mainland enjoyment and participation of the holiday season,” Govertsen said. “This should spill over into January and ultimately into the Chinese New Year holiday period that begins in late January.”
This is a developing story. Check back for updates.
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