MACAU, Sept 18 (Reuters) – Panda exhibitions, opera singing
shows and communist party souvenirs were just some of the causes
that received tax money reaped from Macau’s $44 billion casino
industry over the last two years.
Now the former Portuguese colony’s government is coming
under pressure from residents, local activists, academics and
legislators, to rein in its more ostentatious spending habits,
as the gambling industry’s slowdown sends its tax take
plummeting and highlights its ageing public infrastructure.
HONG KONG, Sept 1 (Reuters) – Gambling revenue in Macau
dropped 35.5 percent in August from a year earlier, sliding for
fifteen months in a row – more evidence of a deepening downturn
that prompted the territory’s government to announce on Tuesday
it would tighten fiscal spending.
Casino revenues in the world’s biggest gambling hub tumbled
to 18.6 billion patacas ($2.3 billion), as China’s slowing
economic growth has exacerbated a gambling slump caused by a
broader crackdown on conspicuous spending.
HONG KONG, Aug 30 (Reuters) – Just days after authorities
raided five pawn shops in the Chinese territory Macau, many of
the neon-lit stores in the world’s biggest gambling hub are
still letting punters make fake purchases to skirt rules on how
much cash they can take out of China.
China’s money export caps are among the tools it uses to
control its currency and economy, and authorities believe the
ruse facilitated by pawn shops in the former Portuguese
territory is also used by corrupt officials and business people
to send ill-gotten cash out of the mainland.
HONG KONG, June 1 (Reuters) – Gambling revenue in the
Chinese territory of Macau plummeted 37 percent in May, marking
one year of consecutive monthly declines as wealthy gamblers
continued to steer clear of the country’s only legal casino hub.
In a trend that’s forcing casino operators to diversify into
entertainment and retail business, revenue in the world’s
biggest gambling centre has been falling since President Xi
Jinping began a crackdown on corruption targeting illicit
outflows of money from China.
HONG KONG, May 27 (Reuters) – As revenue plummets at China’s
only legal gambling hub, global casino operators have a new
mantra – what happens in Vegas, must also happen in Macau.
Diversifying into hotels, entertainment and retail is the
only game in town for companies like Melco Crown Entertainment
Ltd and Galaxy Entertainment Group. The
latter’s two new resort projects, worth $3.2 billion, open in
Macau later on Wednesday.
SEOUL/HONG KONG, May 5 (Reuters) – The dealing rooms of
Seoul’s foreigners-only casinos are echoing to the sound of
Mandarin as operators target a new breed of ‘low-roller’
gamblers – Chinese shoppers.
The country’s casino operators are luring Chinese tourists,
offering goods like free rice cookers and Apple Inc O>
iPads in giveaways on the way to the gambling floor. Amid record
visitor numbers, South Korean casinos are betting on growing
Chinese tourism to build trade, while still competing with rival
Asia hubs to land big-money gamblers known as ‘whales’.
HONG KONG, May 4 (Reuters) – Macau casino stocks have lost
as much as half their value over the past year as China’s
anti-corruption crackdown scares away wealthy VIP punters, but
some investors say their faith in long-term gambling demand from
the mainland remains unshaken.
Casino revenues for the world’s biggest gambling hub are
expected to slide in April for an 11th straight month. Industry
moguls like Wynn Resorts’ Steve Wynn and Las Vegas
Sands’ Sheldon Adelson have noted the unprecedented
nature of the decline and a highly uncertain near-term outlook.
MACAU, March 31 (Reuters) – Macau is drafting new
construction safety rules, officials said, after several workers
died this month at casino sites amid a building boom in the
world’s largest gambling hub.
In an email to Reuters, the Labour Affairs Bureau of the
southern Chinese territory said the new regulations would be
submitted to the government this year. They would include a
revision of existing occupation and laws to “safeguard
workplaces for all workers”.
MACAU/ZHUHAI, China (Reuters) – China’s crackdown on corruption and conspicuous consumption is ever more visible in its impact on Macau, the world’s biggest gambling hub, which makes most of its money from the high rollers who are staying away to avoid Beijing’s scrutiny.
During a recent visit to four of the city’s glitziest casinos, VIP rooms were mostly desolate, with some shuttered and one boarded up, their tables covered with wood and white cloth.
HONG KONG, Feb 9 (Reuters) – Leading China’s anti-corruption
campaign, President Xi Jinping warned Macau last December that
the world’s biggest gambling hub needs to be about more than
baccarat. Now, the reform drive has new champions – the casino
The firms that lead the former Portuguese colony’s $44
billion-a-year gaming business are pledging to spend billions of
dollars on opening more amenities like convention centres and
theatres, and touting their credentials as good employers.