Posts Tagged ‘Macau economy’

New Macau leader faces casino license expiry

September 27, 2019

Incoming Chief Executive Ho Iat Seng will preside over the expiration of Macau’s casino concessions in 2022. Beijing didn’t select Ho to rock the boat, good news for the current licensees that have invested billions to create the world’s largest casino hub. But they should be careful, not cocky.

Totally globalized native New Yorker and former broadcast news producer Muhammad Cohen is a blogger for Forbes, editor at large for Inside Asian Gaming and author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, high finance, and cheap lingerie. See his bio, online archive and more at www.muhammadcohen.com; follow him on Facebook and Twitter @MuhammadCohen.

VIP revival tests Macau mass hysteria

September 23, 2017

As high rollers return and new rules restrict smaller money movements, longstanding assumptions that Macau and Beijing prefer mass market gambling look more dubious.

Totally globalized native New Yorker and former broadcast news producer Muhammad Cohen is a blogger for Forbes, editor at large for Inside Asian Gaming and author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, high finance, and cheap lingerie. See his bio, online archive and more at www.muhammadcohen.com; follow him on Facebook and Twitter @MuhammadCohen.

China pet project could dog Macau

June 21, 2016

Development of Guangdong Province’s neighboring Hengqin island is supposed to make Macau a bigger tourist draw. But this pet project of President Xi Jinping could compete with Macau without policy changes to let visitors flow freely over the border.

Totally globalized native New Yorker and former broadcast news producer Muhammad Cohen is a blogger for Forbes, editor at large for Inside Asian Gaming and author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, high finance, and cheap lingerie. See his bio, online archive and more at www.muhammadcohen.com; follow him on Facebook and Twitter @MuhammadCohen.

Macau report sheds no light for dark times

June 2, 2016

The government sponsored, university conducted interim review of Macau’s casino liberalization says gaming expansion has been positive for Macau. But the report offers no help or hope regarding the current downturn, and few clues about what will happen when licenses expire, starting in 2020.

Totally globalized native New Yorker and former broadcast news producer Muhammad Cohen is a blogger for Forbes, editor at large for Inside Asian Gaming and author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, high finance, and cheap lingerie. See his bio, online archive and more at www.muhammadcohen.com; follow him on Facebook and Twitter @MuhammadCohen.

China currency, equity turmoil adds to Macau’s woes

September 15, 2015

Tough times for the world’s gaming capital show little sign of abating. Macau’s casino revenue fell 35.5% in August, its fifteenth straight month of year on year decreases. That follows a 34.5% gaming revenue decline in July. China’s slowing economy and President Xi Jinping’s anti-corruption drive have driven Macau’s slump, but mainland stock market chaos and currency devaluation make recovery more difficult.

Totally globalized native New Yorker and former broadcast news producer Muhammad Cohen is a blogger for Forbes and author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, high finance, and cheap lingerie. See his bio, online archive and more at www.muhammadcohen.com; follow him on Facebook and Twitter @MuhammadCohen.

Macau’s record year means less of more

January 12, 2011

In 2010, Macau gaming revenue set another new record at 188.34 billion Macau patacas ($23.5 billion), capped with its biggest monthly haul ever in December. Gaming industry experts are convinced that Beijing will continue permitting vast quantities of the mainland’s wealth to leave via Macau’s baccarat tables.

But grassroots Macau benefits little from its influx of tourists and money, and there’s no coherent plan to change that. Efforts at diversifying the economy from its reliance on gaming, in the few cases where they’ve progressed past the talking stage, remain fruitless. As I wrote in Asia Times, the hospitality industry suffers from a plague of Macau see, Macau do: emulating rivals’ (mainly unsuccessful) ideas rather than daring to be original. The government looks increasingly unable to spend its vast wealth, now estimated are more than $25 billion for a city of 550,000, to benefit residents.

Macau has become a great place to bet or buy Gucci, but an increasingly poor place to live and work. In the long run, that’s not good for anyone. Even if Macau’s ruling elite and gaming industry don’t realize it, Beijing surely does.

Totally globalized native New Yorker and former broadcast news producer Muhammad Cohen is author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, financial crisis, and cheap lingerie.


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