BUSINESS

Macau gambling market predicted to soar to $50b by 2017; Wynn resorts ranked second most admired company

TAGs: Jim Murren, Macau, MGM China Holdings, Wynn Resorts

macauMacau’s gambling market could reach an astonishing $50 billion by 2017, that’s if chairman of MGM China Holdings, Jim Murren’s predictions come true.

If his projections are right, that would represent an average yearly growth of 7%, meaning a sharp slowdown in the industry’s current growth rate.

As reported by Macau Business, for the whole of last year, local casinos recorded total gross gaming revenue of $33 billion, up by 42%. For the first two months of 2012, Macau’s casinos reported gross gaming revenue of $6 billion, up by 28%.

In an interview with CNBC, Murren said the Macau gaming market is already worth $35 billion.

 

Wynn Resorts was ranked as the world’s second-most admired company in the hotel, casino and resort industry, according to new Fortune magazine rankings.

It’s come a long way since last year as it was only then that the company was listed in spot number four, and according to Macau Business, the boosting success is all down to its foothold in the local market through its subsidiary Wynn Macau. However, it’s believed the ranking would have been compiled before the squabble between the company and Japanese businessman Kazuo Okada hit the headlines everyday for about a month.

The company at the top of the most admired list was Wyndham Worldwide, with Starwood Hotels & Resorts ranked third. In fourth came Hyatt Hotels, also with a property in Macau, dropping from number two in the same list in 2011. parent company of Sands China Ltd, Las Vegas Sands Corp, came in sixth on the list, up from eighth place last year.

MGM Resort International maintained its position at number seven. The company operates MGM China Holdings Ltd.

Fortune magazine uses surveys of business people to compile its rankings.

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