Macau’s gaming revenues for 2008 are expected to see a double-digit increase to reach over ten billion dollars for the second year in a row.

Lau Pun Lap, Member of the Legislative Assembly of the Macau Special Administrative Region (SAR), estimated that the growth in gaming revenue would be lower than last year but that continuing industry development would result in an overall increase.

Macau’s gross gaming revenue rose 46.6 percent last year to $10.4 billion, which boosted the island city of 528,000 over Las Vegas as the world’s most lucrative gambling market for the first time.

Lau stated that some casinos could loose out in their fight for a market share as competition continues to intensify with new casinos becoming operational. Macau now has 29 casinos but its gaming market is susceptible to the global economy, a possible recession in US economy, fluctuations of stock markets and rampant snowstorms on the Chinese mainland.