A recent study showed that Macau economy is growing fast. Among the beneficiaries of this promising economy are gaming developments that are making real money online casino betting sites.
Although many gaming developers is eying the Far East island country of Japan, Lawrence Ho, a renowned billionaire is still optimistic that Macau will remain the largest tourist resort in the whole of Asia,
Perhaps, one of the reasons why Macau is doing well economically, is the administration that stood firm in cracking down VIP junket that had almost ruined the economy of this island. See how this Macau Casino is Working On Recovering From $146 Billion Loss.
China’s president made a firm stand on VIP junket a couple of years ago not knowing that his tough move would yield in an economically bustling Macau.
The administration, then, vowed to shut off the illegal movement of money that later ended in the pockets of a few ‘foreign’ industry developers. There was also the issue of money laundering that almost ripped off Macau’s elite class. Have you read the article Macau Casinos Booked For Chinese New Year, Wynn Gets Huge Revenue.
In an effort to save the country’s wealth remain in the hands of the people, president Xi Jinping ensured that the scheme is successfully disrupted. Some of the gaming complexes that took part in the ‘dirty’ business were almost shut down but survived with the little revenue they legitimately collected.
Last year’s revenue collection from all gaming resorts in Macau dropped to $28 billion compared to where they stood at over $45 billion three years earlier, a time the money laundering and the alleged movement of wealth from the rich to these resorts was at the peak.
As things stand now, Macau’s economy is at par with other major cities in the world that have almost the same capacity. However, gambling is not the major driver of revenue in Macau. In fact, in recent days, market analysts say that the real estate sector has taken the position that was once held by gambling.
The gaming sector is not lost though. It takes the second position after real estate in revenue collection. If things continue that same way as they are, the two sectors will have increase in the collection of their revenue.
It is expected that once the Bureau of Coordination and Gaming Inspection is ready to release its latest data on collections, the gaming sector is likely to record another revenue increase, which will be the 7th consecutive year of increase.
Speaking of the promising atmosphere in Macau, Ian Coughlan, the President of Wynn Macau resorts said, “There is still reason to instill confidence. There is more liquidity. For those who understand the market, it is quite clear that Macau’s outlook is promising.”
Although the president put to a hold VIP junkets, the few groups that remained in operation did not completely shun VIP gambling in their resorts.
Elite gambling is now blossoming and the future of VIP gamblers is so bright.
“The endless growth of mass market is definitely going to shape Macau’s future,” said Ho.
Although major industry players are still hopeful of Macau, they are slowly shifting attention to a new environment-Japan. Las Vegas Sands, Melco, MGM Resorts, and Wynn Resorts have all shown interest in the new site.