Macau Casinos Experience Slow Growth in 2012 August 12, 2012
Macau casinos have reported their slowest revenue growth since the aftermath of the financial crisis in 2009. Casinos throughout the Hong Kong area, were hit very hard by the financial crisis in 2008, and were thought to be returning to a state of normalcy following the 2009 slowdown. However, it now appears that the Hong Kong casinos have reached their slowest levels of growth since 2009. A number of Macau gambling institutions release date of Wednesday, the show that the revenue has risen around $3.1 billion, which, while still positive growth, is the slowest amount of growth that they have seen since the middle of 2009.
Companies throughout Macau have seen their revenues rise very quickly, since the financial crisis started to slow. Many individuals come from the main Chinese mainland area, spending millions in the Hong Kong casinos. A total of 42% increase in revenue was seen in 2011, which amounted to more than $33.5 billion overall. These numbers far surpass an eclipse the numbers that are seen on the Vegas strip, making Macau one of the largest gambling destinations in the world.
However, the slowing of the Chinese economy in general, growth for these companies and gambling institutions has trailed off significantly. Macau is the only place in the all of China where gambling is legal, which makes it a hotspot destination in the same way that Las Vegas is in the United States. The area has become hugely popular among those that are looking to gamble, especially after a gambling monopoly in the region was ended in 2002. Since that time, the area has experienced a bit of a boom, and has become one of the largest gambling destinations in the world.
Now, many experts wait to see what the third-quarter numbers look like, after significant slowdowns were seen in the second quarter of this year. China currently has the second biggest economy in the world, and forecast still state that revenue will continue to grow well into the future.