Asian Gambling Resort Struggles
6th January, 2009
Macau is the Las Vegas of Asia. Its the gambling capital of the East full of extravagant and ambitious hotels, casinos and leisure facilities. Yet, in the last 10 years developers have overwhelmed the area with new construction projects costing billions and the boom is now over.
Visitor numbers are down and consumer spending has been cut dramatically in the last year. It's estimated that around 10,000 foreign workers have lost their jobs as well 2,000 locals as a result of the global economic recession and government restrictions.
The Chinese government have also imposed restrictions upon mainland gamblers visiting the resort.
Gabriel Chan, research analyst for Macau's gaming sector at Credit Suisse said "In our view, since Macau's economy is highly dependent on the gaming sector and most casino patrons are from mainland China, Macau's economic development and social stability are actually at the mercy of Chinese policies."
Macau will be looking to try a stabilize their position in 2009 after a difficult few months.
By Jamie
