Mobile gambling growth prompts acquisition by Citic

Citic Telecom International Holdings Ltd. (1883:HK) has decided to buy 79% of Macau phone operator CTM for the noteworthy amount of USD $1.16 billion. While Citic certainly sees the landline phone monopoly as a relatively stable revenue source, the real profits to be had are expected from Internet and wireless services, as Macau residents and visitors are pushing the demand for quick mobile gambling access. Mobile phone ownership is already three times higher than the area's population of 568,000 inhabitants, so the demand is clearly very intense.