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Macau's gambling industry has experienced rapid growth over the past year. Government officials of the China region have reported a surge in revenue of more than half in 2010, solidifying their status as one of the world's biggest gambling markets.
Data posted on the government's website on Monday showed that casino revenue totaled more than 188.34 billion patacas ($23.52 billion) last year. That's a 57.8 percent increase from the previous year in which 119.37 billion patacas were reported.
Recent legislation was the biggest factor in the economy's overall growth. After nearly a decade, the market was finally opened up to foreign operators who have already begun to open up new resorts in the region. Macau is the only place in China where gambling is legal so casino profits are boosted by high spending gamblers visiting from the Chinese mainland and throughout the Asia.
China is now the world's most lucrative gambling market and many have already begun calling Macau the new Las Vegas. Only time will tell if the region will continue to grow by billions of dollars a year but considering the surrounding areas it is likely it will experience substantial growth in the coming years.
As always, stay tuned to Casinofan for more news and updates.
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