The gross receipt of Macao's industry is expected to reach 50 billion patacas (US$625 million) in 2006, a new record high, local media reported Wednesday.

Macao Post Daily quoted official sources as saying that the hike in gross receipts will be generated mainly by the opening of seven new casinos in 2006.

The region, with a population of 480,000, currently runs 18 casinos, which dedicate over 70 percent of the government's annual revenue.

Macao's gambling sector, which comprises casinos, dog and horse races, and a string of lotteries, in 2005 recorded gross receipts of 46 billion patacas (US$575 million), among which the gaming industry accounted for 95 percent.  

(Xinhua News Agency January 12, 2006)