Contrary to popular belief, Las Vegas hasn’t been the world’s top gambling city for most of the past two decades. That title belongs to Macau, the Chinese enclave that’s out-earned Sin City in 15 of the last 18 years.
The shift began in 2006 when Macau — the only place in China where gambling is legal — surpassed Las Vegas in annual gross gaming revenue (GGR), pulling in $6.95 billion to Vegas’ $6.69 billion. The gap has only widened since. By 2019, Macau reported $36 billion in GGR, nearly six times Vegas’ $6.6 billion.
That explains why Las Vegas Sands, once synonymous with the Strip, now operates exclusively in Macau and Singapore. In 2021, it sold The Venetian, The Palazzo, and the Venetian Expo to Apollo Global Management and VICI Properties for $6.25 billion.
Cash Macau
A former Portuguese colony returned to China in 1999, Macau became the world’s new casino frontier when China opened its market to foreign operators in 2002. Though gambling is banned on the mainland, Macau’s “special administrative region” status allows it.
Las Vegas Sands entered Macau in 2004, followed by Wynn Resorts in 2006 and MGM Resorts in 2007. Together, they poured around $20 billion into luxury resorts and VIP-focused casinos catering to mainland China’s high-stakes players.
By 2019, Macau contributed 70% of Wynn’s revenue and 66% of Las Vegas Sands’. The allure was simple — according to The New York Times, Macau’s tables earned about seven times more per table than those in Vegas, a striking figure considering China’s average annual income was just $1,700 at the time.
The Pandemic Technicality
Las Vegas only reclaimed the “world’s gambling capital” crown temporarily, and only due to the pandemic. Beijing’s strict “zero-COVID” policy reduced Macau’s visitors from 39 million in 2019 to just 5.9 million in 2020.
At the same time, China cracked down on junket operators — middlemen who arranged trips for high rollers and moved money across borders — further cutting into revenues. Macau’s GGR plunged from $36 billion in 2019 to $7.56 billion in 2020, while Las Vegas posted $7.87 billion, its lowest in 25 years but still enough to pull ahead.
Once travel restrictions lifted in 2022 and 2023, Macau roared back. By mid-2023, its GGR reached nearly $10 billion, compared to Las Vegas’ $7.5 billion for the same period, reclaiming its crown with ease.
Barring another pandemic, it’s safe to say: the world’s true gambling capital isn’t in Nevada — it’s in China.
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