SHANGHAI, Jan. 23 (UPI) -- The Chinese territory of Macao has surpassed Las Vegas to become the world's biggest-grossing gambling center, government figures released Tuesday said.
Gambling revenue in the former Portuguese island colony on the coast near Hong Kong soared 22 percent in 2006 to $6.95 billion, the figures said.
Las Vegas, Nevada, has not released its full-year revenue statistics. But its cumulative figures trailed those of Macao in the final months of 2006 and analysts estimate the total will be about $6.5 billion, The New York Times reported.
In the eight years since Macao was returned to Chinese control, it has experienced a huge boom in casino investment, with millions of mainland Chinese flooding onto the island to gamble.
Some of the world's biggest casino operators -- including Las Vegas magnates Sheldon Adelson, Steve Wynn and Kirk Kerkorian -- have agreed to invest more than $20 billion to build new luxury hotels, giant casinos and V.I.P. suites.
The Sands Macau, opened in 2004, is the world's largest casino as measured by the number of table games.