Macao economy fuelled with gambling development sees 22% expansion in the third quarter of 2004
Gambling industry causes striking economic growth in Macao
Macao economy that was returned to Chinese rule in 1999 now reports expansion by 22% in the third quarter of 2004. This unprecedented economic boom in the country has come up after the deregulation of gaming industry in 2001 allowing foreign investment.
According to the Financial Times, the results regarding economy followed a 48% jump in the previous three months. The growth is related to the recent policy of the country, which supports competition in the gambling industry. Macao, the only city in China where gambling is legal, made the decision three years ago to end local tycoon Stanley Ho casino monopoly that has lasted 40 years.
Macau is now offering new licenses to gambling operators. At the moment, Sheldon Adelson of Las Vegas Sands, Steve Wynn of Wynn Resorts and Ho are providing their casino services in the country, reported Casinocitytimes.com.
However, the local market may hold even more operators, and many companies are looking for expansion. Adelson is planning another resort in addition to the Sands Macao. Kerry Packer, Australian richest man, and Ho are building the first six-star hotel. Wynn Resorts and MGM Mirage also disclosed their plans regarding future developments.
