Macau long ago passed Las Vegas as the new gambling capital of the world, but now the area is embarrassing the Nevada city with their latest revenue figures. For February, revenue was up seventy percent over the same period in 2009.

Revenue at the city’s six casinos was $1.68 billion for February. The Lusa News Agency has reported the figures, which, when confirmed, will be one of the biggest jumps in revenue for one month in year over year figures.

Three major US gaming companies have set up shop in Macau, and all three have benefited from the recent explosion of gambling in the area. Las Vegas Sands, MGM Mirage, and Wynn Resorts all have properties in Macau, and Sands is in the midst of another casino project.

Sands and Wynn Resorts have both held initial public offerings in Asia late last year. The money that was raised by Sands has been put to use in completing a Singapore casino project. The two companies are listed on the Hong Kong market.

MGM will be holding their IPO in Asia later this year. As is the case with the other US-based gaming companies, the economic recession in the US has caused a drop in stock price in the US. MGM is hoping that their Asian listing will help boost not only their presence in Asia, but also in the US.

Casino expansion has been rampant in the US in recent years. Although Las Vegas and Atlantic City are seeing their casino industries suffer, other areas such as Pennsylvania are thriving.

Thanks To : CASINOGAMBLINGWEB

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