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Macau October Revenues Soar 31.7%

The gaming destination of Macau saw its October revenues soar by 31.7%, a record high for the world's largest gaming market.

Casino revenues for the month of October totaled 36.48 billion patacas ($4.6 billion USD), which is the highest total ever to be recorded for the former Portuguese colony. The numbers also beat market expectations, which were projected to rise 27-30%.

The big boost is due in large part to China's Golden Week, a national holiday that brought many visitors to Macau. The island saw a huge 10.7% increase in visitors when compared to the same week last year.

The growth in visitors will likely continue, as resorts on the eleven square mile island are expanding their hotels in order to keep up with demand. Those hotels will not become finished until at least 2014 at the earliest.