Business and Finance
Casinos beat the banker: Macau leapfrogs Switzerland in wealth chart
(CNN) — Macau, the world’s biggest casino hub, has overtaken Switzerland in the wealth stakes, being named the world’s fourth richest territory by the World Bank.
A new batch of data released by the World Bank showed the former Portuguese colony’s GDP per person grew to $91,376 in 2013, compared to $77,196 in 2012.
Only Luxembourg, Norway and Qatar are wealthier, according to the World Bank.
Meanwhile, Swiss per capita GDP stayed nearly flat at $80,528 in 2013 compared to $78,929 the year before.
That’s the good business news from Macau.
The former Portuguese colony made $3.4 billion from gambling in June, 3.7% less than in June last year and down 18% month-on-month.
Macau is the world’s top spot for the gambling industry, reporting a staggering $45 billion in gambling revenues last year — nearly seven times the $6.5 billion that casinos in Las Vegas made during the same period.
According to analysts, the sudden dip can be attributed to the month-long football World Cup prompting punters to swap casinos for online sports betting.
The casino hub has been further hit by a large anti-corruption police investigation last month, which led to a crackdown on an international gambling ring that was operating an illegal $600 million World Cup betting operation out of a hotel in Macau.