Macau struggling in Recession
18th November, 2008
The gambling industry has a tradition of not being majorly effected by the economic down turn however the Asian capital of Gambling Macau has seen a cut back in visitors and spending.
Macau is widely regarded as the Las Vegas of China and is home to some of the most spectacular, large and wealthy casinos in the world. Several Las Vegas casinos opened new resorts in the City with the hope of expanding their business operations.
Las Vegas has already reported a cut back in spending and Macau is also feeling the effects of the recession. According to reports by the New York Times, gambling revenue decreased by 10% to $3.2 Billion in the 3rd Quarter.
Several large construction projects have been put on hold due companies aiming to cut costs and apply a low risk business strategy in the forth coming years.
The London Times also claimed that the number of nights visitors were staying for had fell on average from 3.5 to 1.4.
By Jamie
