Everyone was expecting a huge slump for China’s gambling hotspot Macau this year.Guess what? It hasn’t happened.
Recent figures (and also Evan Osnos’s great recent New Yorker article) suggest that, for all its faults, Macau is still destroying Las Vegas in every area that matters.
But so far, Macau is beating that. January-February 2012 combined revenues were up 28 per cent year-over-year
Billionaire Sheldon Adelson's new Sands Cotai Central casino costs $4.4 billion and opened this month.
Fitch believes that the VIP segment will continue to drive 70% to 75% of total gaming revenue, but mass market is also growing.
Infrastructure is improving too — A high speed train to Beijing is being built, and a bridge to Hong Kong will open in 3 to 4 years.
While there are huge wage disparities, life can be good for those living there. Unemployment is below three per cent.
And government tax revenue is so high that residents get occasional checks under a program named the Wealth Partaking Scheme.
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