After the world faced a bump in the economy, millions of people lost their jobs and most countries world wide had to help boost their local economies. The good news is that things are improving slowly and the world economy is gaining momentum.
The casino and gambling industry was also affected by the world economy as casinos in Las Vegas had to cut down costs and some, like the Binion’s Casino and Hotel, had to shut down their facility in order to overcome the tough economic times. But it looks like all of that has come and gone the first good news in a whole year has finally reached the industry. Macau, which is the only place in China that allows gambling, has announced that their profits grew by forty eight percent this past month, for a total profit of $1.42 billion compared to the ’08 numbers.
Some of the largest US casinos like: MGM Mirage, Las Vegas Sands Corp and Wynn Resorts Ltd have invested heavily in Macau and these results have affected their stocks in a positive way. Other gambling related companies have also recorded a profit.
The Chinese government removed a restriction on their population as to how many times a year they could visit Macau, which obviously helped the overall profit margins increase in Macau.
Macau’s gaming and consumer head chief Aaron Fischer expects that the positive trend to continue into 2010 and estimates that profits will increase up to a seventeen percent. He also said that casinos and gaming related business have made efforts to cut costs and their hard work is finally showing results.
Online poker rooms have also made efforts to attract new customers, as tournaments with remarkable prize pools and rewarding bonuses have been implemented by poker rooms like Full Tilt Poker and PokerStars.
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