The world's largest gambling market keeps growing. Macau's Gaming Inspection and Coordination Bureau has released financial figures from July, and the results are better than analysts have predicted.
Macau's July gambling revenues of 24.2 billion patacas, about $3.01 billion US fell just under the record revenue set in May of 24.3 billion patacas. Industry analysts were expecting results in the 22 to 23 billion patacas, so the numbers came as good news to the former Portuguese colony.
The near record revenues are said to be from the wealthy Chinese mainland visitors who come to Macau to wager money. So far this year, Macau is showing an increase in revenue of 45.2% over the same period last year.
Macau has had gambling within its area since 1962. Recently the government of Macau ended its state gambling monopoly and extended licenses to private casinos. Since then business has steadily grown, and Macau has overtaken Las Vegas as the largest gambling city in the world.