Macau freezes casino development to check spiralling growth

Macau, the Las Vegas of the East, is to freeze its gaming industry development over fears that its rapid growth is threatening the former Portuguese colony's economy. ( dpa )

Chief Executive Edmund Ho announced a series of tough measures to legislators Tuesday that included not granting new licences and freezing the number of casinos, gaming tables and slot machines.

The number of gaming concessions would be held at six, he said, and casino operators would also be barred from applying for reclaimed land to use for further development.

Ho told legislatures the action was being taken after a thorough evaluation of the industry to ensure sustainable and balanced growth of the gaming sector and Macau.

The small southern Chinese enclave, which has a population of 450,000, was handed back to China in 1999 after 449 years of Portuguese rule.

It is the only place in China where gambling is legal and draws millions of gamblers a year, mainly from China, Taiwan and Hong Kong.

Its gaming industry has boomed since 2003 when it was opened up to overseas operators, ending a 40-year monopoly by casino tycoon Stanley Ho.

It now has 4,311 gaming tables and 13,552 slot machines, compared with 424 and 814 in 2003, respectively. The number of casinos has rocketed from 11 to 29.

They include several new upmarket Las Vegas-style resorts, such as the 2.4-billion-US-dollar Venetian Macao Resort.

Gambling revenue has grown at a rate of more than 20 per cent a year, and in 2006, Macau officially became the most profitable gambling centre in the world, generating 7 billion US dollars in gambling revenue, around 1 billion US dollars more than the famous Vegas Strip.

However, the boom has had its social costs as Macau's infrastructure struggles to cope with the 200,000 people a day crossing the land border with China and school leavers shunning college to snap up easy jobs in casinos.

Francis Tam, Macau's economy and finance secretary said the fast casino growth had strained Macau's land and labour resources and led to unfavourable social repercussions.

There are currently six casino-operating concessions and subconcessions in Macau. These include Stanley Ho's STDM, Wynn Resorts, Las Vegas Sands and Galaxy Entertainment Group, a partnership between MGM Mirage and Stanley Ho's daughter Pansy.

Israeli identity validation co Identiq raises $47m
Israeli identity validation co Identiq raises $47m
Israel reports 4,173 new COVID-19 cases, 788,869 in total
Israel reports 4,173 new COVID-19 cases, 788,869 in total
PayPal in talks to buy Israeli co Curv
PayPal in talks to buy Israeli co Curv
Loading Bars
Latest
Georgian Railway expects to refinance Eurobonds
UK records another 6,573 coronavirus cases, 242 deaths
Azerbaijan agrees to continue existing oil production cuts in April (PHOTO)
7.3-magnitude quake hits waters off New Zealand
Armenia can also benefit from regional transportation projects if behaves in normal way - President Aliyev
Azerbaijan becomes one of Eurasia's main and reliable transportation, logistics hub - President Aliyev
We invite ECO member states to benefit from “Zangazur corridor” - President of Azerbaijan
We condemn unequal, unfair distribution of vaccines among developing and developed countries - President Aliyev
Now we are looking into future - President Aliyev
Military victory over Armenia on battlefield was also fully accomplished by political ways - President Aliyev
Stronger Turkey is, stronger is Azerbaijan and all its partners - President Aliyev
IAEA chief: Technical meeting with Iran to be held in April
WHO praises Georgia for curbing Covid-19
Belarusian BELAVIA airlines operating one-way flights on Baku-Minsk route
Macron to spare Paris region from weekend lockdown, for now
Kazakhstan determines priorities of foreign policy
Compliance services become more relevant in Azerbaijan - PASHA Bank
Several servicemen killed in military helicopter crash in Turkey
Azerbaijan doing everything to create new transport infrastructure in South Caucasus – Russian analyst
New reality created in South Caucasus - head of department at Istanbul Kadir Has University
Demining of Azerbaijani lands complicated by Armenia’s refusal to provide maps of minefields - Expert
Long-awaited end to Karabakh conflict creates new opportunities - Former US ambassador to Azerbaijan
Azerbaijan shows footage from Kechikli village of Zangilan district (VIDEO)
Azerbaijan interested in strengthening export and investment potential with Argentina
President Aliyev gives speech at virtual Summit of Economic Cooperation Organization
MFA shares potential sectors of Lithuanian investment in Georgia
Georgian kiwi enters Japanese market
Azerbaijan's ENGINET company talks unique solutions for local market
Kazakh gold extracting venture opens tender to buy spares
Kazakhstan intends to attract funds to improve energy efficiency of facilities
Volume of food products sold in Baku's trade network increases
Georgia shows progress in curbing coronavirus cases - WHO
Azerbaijani Finance Ministry allocates funds for maintenance services
Restaurant business subsidizing program launched in Tbilisi
UK's Johnson says Brexit problems in Northern Ireland are solvable
Supporting Member Country ECAs: ICIEC endorse supportive reinsurance treaty with JLGC
Uztekstilprom, French Proparco talk profitable financing for textile projects
Georgian consulting company launching project for female entrepreneurs
Georgian wine export to US down
Russia and Azerbaijan lead in import of electricity to Georgia
Several low-cost airlines resume flights to Georgia
Azerbaijan-Belarus foreign trade operations for Jan. 2021 revealed
Azerbaijan confirms 124 more COVID-19 recoveries
Kazakhstan increasing control over development of oil and gas fields
State property privatization plan in Georgia surpasses initial plan
Several containers with cargo to pass through Azerbaijan along BTK railway - ADY Container
Rehabilitation centers can be established in Azerbaijan's liberated lands - Agency
Azerbaijan discloses number of imported cars in 2020
Uzbekistan’s 1M2021 profit for banks increases
Germany approves AstraZeneca for over-65s
New plant to be commissioned in Baku
Azerbaijan to receive Astra Zeneca vaccine via COVAX mechanism - WHO
Turkmengas opens again tender for operation of video surveillance system
Uzbekistan, Belarus agree to expand range of mutually supplied agricultural products
Uzbek currency rates for March 5
Italian Eni launches implementation of its solar energy project in Kazakhstan
Ensuring security in Karabakh our top priority - Turkish president
Georgia eyes to select new investor for Anaklia port
Creation of Kazakhstan-Azerbaijan Business Council under discussion
Covaxin demonstrates prowess of Atmanirbhar Bharat, says ICMR chief
India, Philippines sign key defence pact, set ball rolling for BrahMos missile sale
Turkey supports Georgia in deepening relations with Euro-Atlantic structures
Moldova Post plans to develop co-op with Turkmenistan in field of postal services
Georgia preparing for issuance of new Eurobond
Europe reviewing Russia's COVID-19 vaccine
German companies interested in funding Azerbaijan's railway projects
Uzbekistan to launch production of electric scooters in Fergana region
Azerbaijani State Customs Committee chairman names most-imported products for 2020
India, Norway to work together in marine spatial planning
PM Modi may launch trading points, connectivity projects in Dhaka
India to fund NRs 246 million for reconstruction of Cultural Heritages in Nepal
Kazakhstan, Tajikistan resuming mutual air traffic
Several ships and related facilities to be launched in Iranian ports
Iran reveals COVID-19 data for March 4
Azerbaijani FM’s letter to UN sec-gen disseminated as document of organization
Kazakhstan increases imports of Iran-made goods
Georgia plans to create new economic development plan
Baku Statistical Department discloses Jan. 2021 volume of paid services to citizens
Electricity production in Georgia to increase after Namakhvani HPP is ready
Uzbekistan reveals volume of industrial production for Jan. 2021
Students and graduates of Baku Higher Oil School shown high results in entrance exams for master's degree programs
Azerbaijani PASHA Bank eyes attracting IT companies to implement joint projects
Azerbaijani banks' demand at foreign exchange auction decrease
Iran’s Bahar Azadi gold coin price fell
Azerbaijan, Turkey to hold joint military exercises (PHOTO)
Turkish foreign minister to visit Uzbekistan
Volume of cargo loaded, unloaded in Iran’s Dayyer port revealed
Kazakhstan’s Ulba Metallurgical Plant announces tender to buy accumulators
Moldova Post talks details of postal communication resumption with Turkmenistan
Buta Airways to launch ticket sales for Baku-Istanbul-Baku Flights
Iran Khodro Company expects to meet forecasts
Azerbaijani IT company seeks to promote smart home systems abroad
Iran declares data of exports, imports via Astara port
Several mines produced by Armenia found in Azerbaijan’s Aghdam district - Trend TV reports
Azerbaijan releases 2M2021 data on transactions of local investment companies'
EU delegation's head talks interest in raising Azerbaijani regions' financial inclusion
Most of construction work in Baku during Jan. 2021 carried out by private companies
BlackRock builds 5% stake in Toshiba, becomes third largest shareholder
Iran discloses volume of rapeseed to be harvested
Azerbaijan, Iran negotiating to open customs post on border, in Khudaferin village
All news