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The Chinese New Year has not only brought joy and happiness to Chinese people around the world; it has also brought smiles to the faces of Macau casino owners.
The total Macau casino revenue in February jumped to $38 billion Patacas ($4.8 billion US) exceeding last year’s 36 billion. The best month so far was October 2012 when a 36.5 billion Patacas revenue was recorded.
The increased revenue, according to Bloomberg.com, is largely due to expanding shopping malls, entertainment shows and hotel room, which draw mainland Chinese visitors from all over the country.
The Chinese New Year holiday week, from January 31 until February 6, saw a 23% increase in Chinese visitors to Macau. The Macau Government Tourist Office said that more than 700,000 Chinese visited the Portugese enclave.
The 2014 outlook for Macau casinos is very positive as Macau, the only place to legally gamble on Chinese soil, witnessed a 7% growth over January 2014. Even though this growth is not as steep as it once was its total revenue was $45.2 billion over 2013, seven times more than the Las Vegas Strip.