Macao casinos fight downturn

2009-12-20 16:49 BJT

Special Report: Macao 10 Years On |

The United States has Las Vegas, China has Macao. The special adminsitrative region marks the only region in China where casinos are legal. Earlier our reporter Xu Zhaoqun looked at a more serious side of the gaming industries which Macao relies heavily on. And it has taken the hits from the economic downturn.

The most severely impacted industry in Macao is the gaming industry, which contributes more than 70 percent of the region's GDP.

Rapid growth in the last five years largely depended on the expansion of the gaming industry. But its grwoth seemed to have been too sudden.

Because a number of problems then appeared, like the shortage of experienced managers.

Ambrose So, Director, Sociedade de Jogos de Macau, S.A(SJM), said, "We are happy to see the SAR government is regulating the industry, and trying to moderate the growth of the gaming industry with the other industries so as to strike a good balance."

Local regulations took effect just as the global economic downturn began. Together, they helped to cool down the overheated gaming industry. Several foreign-invested casinos have already halted their expansion plans. The local ones,though, seem to more resilient and confident.

Ambrose So said, " I think in the future, Macao should remain the Macao we've always known. We have to preserve our cultrual indentity as we develop, rather than following a foreign model like Las Vegas. During this time of financial uncertainty, we have the courage and wisdom to weather the storm. And we hope the region will enjoy sustainable and healthy growth again soon."

Editor: James | Source: