Macau (or Macao) has overtaken Las Vegas as the world's biggest place of gaming revenue destination. This was indicated in the August 2009 industry news during which Macau had about 1.5 billion dollars revenue in a single month. This indicates that the gaming industry of Hong Kong is super hot and is clearly emerging as the new capital for world gaming. Even US based companies like Las Vegas Sands and Wynn now compete with Hong Kong-based Melco Crown Entertainment and other Chinese companies like SJM Holdings and Galaxy Entertainment Group.
Lets take the example of Wynn, the Wynn and Encore in Las Vegas combined were not able to beat the cash flow of Wynn Macau in the last quarter. Macau which was earlier known to serve Hong Kong and Chine mainland people only now has a large global presence.
Macau is situated 60 kilometers southwest of Hong Kong and has a humid subtropical climate. The strip of gaming hotels in Macau is known as the Cotai Strip. The economy is almost completely based on tourism, although textiles and banking do contribute to the overall numbers. There are the 26 hotel facilities in Macau and most are for gaming.
Las Vegas on the other had took a huge hit because of bad US economy and strict visa restrictions for tourists. The growing wealth in Asian countries surely has been a boost for Macau which presents itself a newer and friendlier destination. Las Vegas also suffers because of simmering heat for 6 months (between April to September) as it is in the middle of desert. Macau on the other hand offers beaches and water sports to its guests.
Can Macao continue to hold it's gains against Las Vegas is something to wait and watch in future.
Prepared by Robert Reed
In collaboration with Saching (http://www.saching.com)
