Visitors wait for the casino hotel Crown Macau official opening May 12, 2007 in Macau, China. (Photo : Getty Images)
After a period of hiatus, Macau’s largest casinos are up again to a vibrant mood due to the booming Chinese real estate industry and soaring factory business sector.
According to a report from Bloomberg, there is a tight link between the Chinese real estate market and the income of Macau's largest casinos despite government's curtailment of capital outflows.
An effort to discourage Chinese citizens from gambling overseas has also not dampened the close ties between Macau's gambling fortunes and China's upbeat real estate market.
"VIP room operators are very happy when we meet in the street or at the parties," said Association of Gaming and Entertainment Promoters of Macau President Kwok Chi Shung. "Six months ago, they would complain about the bad market for the whole day."
Kwok emphasized that there is an increase of more than 20 percent in the last quarter compared to the same period of last year on the revenues brought by some bigtime junket operators.
Wynn Macau President Ian Michael Coughlan also expressed his positive vibes on the gambling market.
"There's a lot more confidence. There appears to be more liquidity in the market, particularly with the junkets, and it's being sustained," Coughlan said. "The outlook is pretty promising."
In a report from Forbes, it was cited that the economic development in Macau is geared toward supporting its casino industry especially in its transition to become a tourist destination.
The famous boutique investment bank, Sanford Bernstein, even revealed from its study that the transportation infrastructure developments inside and around Macau are in support for it to become a tourist destination.
The study further cited that Chinese tourists will remain the top market of Macau, projecting a 40-million Chinese tourist arrivals in 2020 from 31 million last year.
Meanwhile, the casino-hotel Legend Palace is the latest addition to Macau's largest casinos.
Legend Palace has 223 rooms and 66 love-dealer gaming tables in its casino gaming area, according to a report from GGR Asia.
It is also said that the Macau government has granted 15 new market gaming tables to the hotel that are all earmarked for mass play.
