Macau January Gambling Revenue Up 33% On Year At MOP18.57 Billion

Gambling revenue in Macau rose 33% in January from a year earlier, government statistics issued Tuesday show, reflecting continued strength in the territory's gambling market, boosted by robust demand from mainland Chinese visitors.

Gambling revenue for the month totaled MOP18.57 billion (US$2.31 billion), up from MOP13.94 billion a year earlier, according to data from Macau's Gaming Inspection and Coordination Bureau.

The rate of revenue growth in January was lower than the 66% surge recorded for all of 2010 because of a higher comparison base, though January's gambling data was still the third highest on record, after December and October of last year.

Macau's gambling revenue has had a dramatic turnaround since the end of 2009, after the city had earlier been hit by the global economic downturn, a swine flu outbreak and mainland China visa restrictions in the first half of the year.

The huge increase in gambling revenue came despite Beijing and Macau officials urging the city to diversify from the lucrative casino business and efforts by the government to tame the industry's growth.

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