Las Vegas was synonymous with gambling till 2006 before Macao took it over as “The” gambling hub. Macao’s gambling revenue has sky-rocketed by 22 percent to $6.95 billion. The boom in casino investment in Macao started ever since China took it over in 1999. The annual revenue has soared dramatically within a short span of time, with $2.75 billion taken in February 2017.
The figures show that online gambling is a significant contributor to the region’s economic gains. Macao is also home to one of the finest casinos, slot machine parlors, and e-gaming zones in the world. Moreover, the land-based gambling industry has also contributed immensely towards tourism activities in the region. Thus, Macau’s gambling industry is certainly a boon if revenue and other economic metrics are considered.
Online gambling certainly helps smaller gambling spots in Macao to keep their head above water. The market size of online gambling in Macao is $47.11 billion this year and it is expected to rise to $59.79 million by 2020. The reason behind the industry’s success is the world-class experience offered to players. The experiences are not very different from what players get in real casinos. Live links to real table games along with virtual reality makes the experience realistic and enjoyable. It is also a great way for beginners to get a hang of different games.
But online gambling in Macao can adversely affect the Chinese influence over the market. Macao crossed a terrible spell of 26 months in 2006 when its gambling revenue fell drastically. Steve Wynn and Sheldon Adelson opened two resorts that helped the region recover from this economic stress. Moreover, it was proposed to expand Macau’s appeal beyond greater China because a large chunk of visitors there are Chinese. Nonetheless, online gambling certainly helps smaller gambling spots to keep their head above water.
The long run effect
There’s no doubt that the flourishing online casino industry could benefit Macao in the years to come. New players will get an opportunity to be a part of the industry and learn new games. This will train them to be a part of the real-life casino setting. Macao is the home to the largest casino in the world, the Venetian Macao. This is on the bucket list of almost every gambling enthusiast. If Macao succeeds in attracting more players from the online casino players, it would rise to even higher peaks of success in the long run.