IB Times – The Chinese gambling haven of Macau is booming as VIPs spend cash more heavily and rapidly, while Singaporean gamblers slow down and Japanese politicians back groundbreaking casinos, according to an industry report by Citigroup Inc. (NYSE:C) Monday.
In Macau, record revenues in August and March earlier this year could help the city achieve revenue growth of 17 percent for 2013, or $44 billion for the year overall.
Fresh infrastructure, like a new intercity railway completed in December 2012, or the new Chimelong casino due in late 2013, will attract more visitors from China, who represent the vast majority of Macau’s gamblers.
Macau’s success this year and revenue growth forecast of 17 percent compares favorably to Las Vegas’ projected revenue growth of 2 percent for this year as well as 2014, according to Citi analysts.
