GGRAsia – Value added by gaming to Macau’s economy up 21 pct in 2013

Value added by gaming to Macau’s economy up 21 pct in 2013

Oct 29, 2014 Newsdesk Latest News, Macau

The gross value added by the gaming industry in Macau to the city’s economy increased by 21.2 percent in 2013 in year-on-year terms, to MOP225.87 billion (US$28.3 billion). The indicator measures sectoral contribution to the overall economy.

The figure was disclosed on Wednesday by Macau’s Statistics and Census Service. The bureau added that gross fixed capital formation in the gaming sector reached MOP4.35 billion last year, up by 36.3 percent from 2012, “owing to an increase in land premiums” paid by casino operators for land in Cotai and “major renovation projects”.

The data included Macau’s six casino operators, but also the Macau Horse Race Co Ltd, which has a monopoly on horse racing betting and runs the Macau Jockey Club, Macau (Yut Yuen) Canidrome Co Ltd (greyhound racing betting), Macao SLOT Co Ltd (football and basketball betting) and Sociedade de Lotarias Wing Hing Lda (Chinese lotteries).

Macau’s gaming sector reported total revenue of MOP362.75 billion in 2013, including MOP564-million worth of food and beverage revenue, according to the Statistics and Census Service. Data from the gaming regulator shows total gross gaming revenue in 2013 was MOP361.9 billion, with 99.7 percent coming from the casino sector.