Gambling hot spot Macau has grown to be five times as large as Las Vegas, a report in the Wall Street Journal is reporting after revenues rose 42% in 2011.
Macau, an island off the coast of China is known as the largest gambling market in the world. In 2011, Macau's gaming revenues rose to 267.87 billion patacas ($33.47 billion USD).
Other yearly financial highlights for 2011 included:
- Galaxy Entertainment Group having its stock rise by 62%, which beat its nearest competitor Melco International Development (up 30%).
- December revenue up 25% year over year to 23.61 billion patacas ($2.95 billion USD).
Things may not be as rosy for Macau next year however. Industry analysts are predicting the growth rate of the market to slow down, due to concerns over the sustainability of VIP gambling in Macau, which currently makes up 75% of all the revenue in Macau. Cameron McKnight, a Wells Fargo analyst says that he believes the market will grow 11% next year.