Macau March Gambling Revenue Up 24% On Year At MOP24.99 Billion

Gambling revenue in Macau rose 24% in March from a year earlier, government statistics showed Monday, as players from mainland China continued to fuel growth, though not at as quick a pace as the year before.

Gambling revenue in Macau, the only place in China where casino gambling is legal, rose to MOP24.99 billion (US$3.12 billion) last month, up from MOP20.09 billion a year earlier, according to data from Macau's Gaming Inspection and Coordination Bureau. First quarter revenue rose 27% over the same period last year.

March's growth was in line with recent forecasts from Deutsche Bank analyst Carlo Santarelli, Bank of America Merrill Lynch analyst Billy Ng and CLSA analyst Aaron Fischer. Analysts will be keenly watching the impact on revenue from the opening of Las Vegas Sands Corp. (LVS) unit Sands China Ltd.'s (1928.HK) massive new casino project later this month.

Macau's revenue growth has been explosive since the end of 2009 as players have continued to place bets regardless of China's tightening measures and local government policies aimed at slowing growth to a more measured pace. Analysts expect the pace of growth to slow in 2012, however, due to a high base of comparison last year and concerns about the sustainability of the aggressive growth in VIP play. The most bearish gambling revenue growth estimates for the territory hover around 11% compared with last year's 42% rise.

The Chinese territory remains the largest gambling center in the world many times over. Last year it raked in more than five times the gambling revenue of the Las Vegas Strip.

-By Kate O'Keeffe, Dow Jones Newswires; 852-2802-7002; [e-mail]