CASINO

Macau will eclipse MOP20bn for 12th time; SJM remains on top; Economic growth forecast; Sands China has permission to hire foreigners

TAGs: Macau, sands china, SJM Holdings

macau 2Macau’s casino market looks like it’s exceeding estimates for February. Revenues in the largest gambling industry location on the planet are set to eclipse MOP20billion for the 12th month running with the figure estimated to reach MOP23bn (US$22.88bn). Until Monday, revenues had reached MOP21.5bn, a number not including slots according to Jornal Tribuna de Macau. If they hit the level mentioned it would mean a 19% rise compared with last year.

SJM Holdings remain top of the casino business pile in terms of market share. The group, formerly majority owned by Stanley Ho, has 28.5% of the market with Sands China next in line at just below 19%. Galaxy Entertainment Group holds 17% followed by Melco Crown (13.5%), Wynn Macau (just above 12.5%) and MGM Holdings (9.5%).

Economists are predicting the enclave’s economy will grow by at least 9.8% in 2012. Published by the Economist Intelligence Unit (owned by The Economist magazine), the report states 2013 will see a further rise of 13.5% as the economy continues to show its strength. It states Macau’s GDP for 2011 will have risen 20.8% compared with the previous year.

Sands China has permission to hire as many as 2,500 imported workers as long as they adhere to certain conditions. The Human Resources Office has said that it’s conditional on them hiring 3,100 local workers by March 31 – something they got started on at last weekend’s job fair. All the hires will be for positions within the Venetian and Sands Cotai Central, when it ends up opening.

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