n 2012, Macau - the world’s largest gaming market- produced a record us$ 38 billion in gaming revenues. Through October, the region nearly topped that amount - producing US$ 37.13 billion in just 10 months. Macau gaming revenues -7 times bigger than Las Vegas- are up 18.4 percent over the same 10 months of 2012.
The single month revenue record in Macau equals roughly 75 percent of the entire Strip gaming market took in during all of 2012. Macau currently has more than three dozen large and small casinos.
MGM spends big on Macau improvement
Casino developer MGM China Holdings spent nearly as much during the third quarter on refurbishing its existing MGM Macau property on the peninsula as it did on pilings and site work for its new US$2.6 billion MGM Cotai venue.
“Reinvention and improvement in product and service quality have been the catalyst to maintain the attractiveness in this very competitive market,” said MGM China’s chief executive Grant Bowie, referring to the peninsula property that opened in December 2007 at a cost of around us$ 1.25 billion. His comments came during parent firm MGM Resorts International’s quarterly earnings call. The Nevada-based corporation is 51 per cent owner of MGM China.
Dan D'Arrigo, chief financial officer of MGM Resorts, added that during the three months to September 30, MGM China spent approximately us$ 27 million at MGM Macau and about us$ 31 million on MGM Cotai’s development.