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***GambLux EDITOR NEWS*** |
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Macau Back on Track as China's Restriction on Visa Eases
[Tuesday, September 29, 2009]
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In 2008, China imposed restrictions on visa transactions in order to keep people from regularly visiting Macau. The government is trying to keep the money on the mainland instead of heading to the casinos in Macau.
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Surprisingly, they are now easing those restrictions without much publicity but because of the increasing revenues at Asia's gambling capital over the past month, news has spread like wildfire. And this sudden increase in revenues is predicted to go even higher for the next two months. Visa restrictions have been lightened even more as of September 1 making Macau the top gambling destination in the world again.
According to Marc Ruben, CGW International Gaming analyst, Macau is back on track to having the incredibly high revenues that they experienced before the visa restrictions were imposed and that it is the main reason why Wynn Resorts has applied to be listed on the Hong Kong Stock Exchange and is expecting to raise 1.6 billion USD with this project. Ruben added that Wynn must have seen the positive performance of their Macau operations coming last month when they applied for the HK stock listing. And it seems like Wynn is not alone. Las Vegas Sands and MGM Mirage have been closely monitoring these recent developments in Macau and it is reported that both companies are also in the process of expanding their operations in Macau. The great casino expansion has been the positive result brought about by end of Stanley Ho's SJM Holdings casino monopoly in Macau making it the new gambling capital of the world.
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