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Is Macau, China, the New Las Vegas? Casinos Rolling in Cash

I had my doubts about the casinos in China. [Hong Kong, a different story.]

But judging by recent revenue numbers, cities like Macau have casinos that are doing turnaway business.

To call the spike in revenue at Macau casinos remarkable would be considered an understatement.

I saw a report from Lusa, a Portuguese news agency, that revenue at Macau casinos jumped by nearly ninety-five percent in the month of May.

You heard me. 95 freakin’ percent!

Only six developers hold licenses for casinos, but the facilities produced over $2.12 billion in May.

That kills the numbers from the same period in 2009.

Less than a year ago, it looked like the Chinese government was going to stall the growth of the gaming industry in Macau. Now, instead, the industry has taken off to levels never before seen.

From our correspondent:

Much of the reason for the increase in revenue was the Chinese government. originally, the government began limiting the number of times Chinese residents could visit Macau from the mainland. In recent months, however, the restrictions have been loosened, and the casinos are feeling the effects.

The growth has reached such a dynamic level, that the government in Macau, in conjunction with the existing casino developers, have vowed to slow any future casino plans. Several developers are allowed to finish projects that have already begun, but no new projects will be authorized by the government.

Several years ago Macau passed Las Vegas (do you believe it?) as the gambling capital of the world.

In the past year, Las Vegas casinos have struggled to recover from the economic recession in the US, while Macau casinos have enjoyed increased revenue courtesy of the thousands of Asian gamblers that are visiting.

So next time you are in Asia….

By the way, if anyone who travels there has been to Macau recently, email me and let me know what it’s like.