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King of Macau: Adeslon Rakes in 7X More in China Than Vegas

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Las Vegas Sands CEO Sheldon Adelson takes in more cash from his gambling efforts in China than Vegas.
Las Vegas Sands CEO Sheldon Adelson takes in more cash from his gambling efforts in China than Vegas.
China is taking over the Las Vegas Strip as the world’s gambling epicenter, according to recent reports that reveal that Macau casino revenue accelerated last year so that it now rakes in takes in about seven times as much as the Las Vegas Strip, widened its lead.

According to Bloomberg News, records of gambling revenue from the operators of China’s six only legal casinos rose 18.6 percent to $45.2 billion last year, Macau’s Gaming Inspection and Coordination Bureau reported on Friday, January 3, 2014. That growth compares with the average of 18 percent growth estimated from five analysts compiled by Bloomberg News.

Casino operators including Sands China Ltd., which is owned and operated by billionaire and Las Vegas Sands CEO Sheldon Adelson, and Galaxy Entertainment Group Ltd. have been adding hotel rooms, shopping malls and entertainment shows to draw Chinese tourists, who Bloomberg News reports accounts for more than 60 percent of Macau’s arrivals. Chinese tourists are also fueling an economic boom in China, specifically in Macau which is the only city in China where casinos are legal. Without new resorts opening this year, Bloomberg Industries predicts that economic growth will slow down this year.

“It’s going to be another strong year in 2014, while the growth rate is likely to be in mid-teens,” Grant Govertsen, a Macau, China-based analyst at Union Gaming Group, told Bloomberg News. “In absolute terms, it’s going to be magnificent growth because of the improved rail connection and infrastructure, as well as the addition of the Chimelong theme park on the neighboring Hengqin island.”

The Las Vegas Strip generated $5.8 billion from January to November. Macau’s casino revenue in the same period was about $41 billion.

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