Macau gambling take rivals Nevada
HONG KONG » Casinos in Macau raked in more than $10.3 billion in gaming revenue last year, the government said, a jump of 46 percent over the previous year as Las Vegas operators rushed to open luxury resorts targeting China's wealthy.
Macau, the only place in China where casino gambling is legal, overtook the Las Vegas Strip as the world's top gambling center in 2006. That year, its 24 casinos rang up $6.95 billion in gambling revenue, while the Strip made $6.69 billion, regulators in the cities said.
The former Portuguese territory is now rivaling the entire state of Nevada in gaming revenue, according to the Macau Gaming Inspection and Coordination Bureau. Nevada reported gaming revenues of $12.7 billion for the year to Nov. 30, 2007, according to the state's Gaming Control Board.
Openings in Macau last year included the massive $2.4 billion Venetian Macau resort, operated by billionaire Sheldon Adelson's Las Vegas Sands Corp., and the MGM Grand, a joint venture between MGM Mirage and Pansy Ho, a daughter of local tycoon Stanley Ho.
Stanley Ho held a monopoly on casinos in Macau until 2004, when the government handed out gaming licenses to three other players. He still dominates, owning 18 of the territory's 28 casinos.