Chinese New Year, celebrated during an entire week, proved to be golden for the casino industry in Macao. During the celebrations, Chinese citizens are on vacation for about two weeks and for many this is an opportunity to travel to Macao. In fact, the city was literally overrun by vacationers from the continent.

According to data published by a local newspaper, from the beginning of February through the 21st of the month, the casinos grossed a total of around 1.13 billion dollars. A third of the sum was collected during the week of Chinese New Year, between February 13 and 19.

The results from February 2010 have exceeded those for the same period of 2009.

It is no coincidence that the gambling industry in Macau prepares for this annual event. It is also no coincidence that Malaysian development company Genting did everything possible to open its Singapore resort in time for the year of the Tiger.

The Macao government is aware of the local economy’s dependence on casinos. Officials have openly discussed their plans to diversify the economy in order to lower the nation’s reliance on casino income. The challenge seems rather difficult because of the success of the gambling industry and the difficulty in developing new economic sectors.