HONG KONG (Reuters) - Macau, the world’s largest gambling destination, posted a 57 percent year-on-year rise in gaming revenue for August to $24.77 billion patacas ($3.08 billion) on Thursday, the latest indication that the enclave is powering ahead despite deep-seated concerns about the global economy.
The former Portuguese colony has reported booming revenue growth since the start of the year, boosted by an increasing number of cash-rich gamblers from mainland China eager to visit in the country’s only legal casino market.
Home to multi-billion dollar casinos including U.S. gaming stalwarts Sands China Ltd (1928.HK), Wynn Macau Ltd (1128.HK), and MGM China Holdings Ltd (2282.HK), Macau is on track to post full-year revenue five times higher than rival Las Vegas. ($1 = 8.031 patacas)
Reporting by Christina Lo and Twinnie Siu, Writing by Farah Master; Editing by Chris Lewis