Casinos Eye Asia, Countries Seek Revenue

06.10.2003, Lesen Sie hier den Bericht über «Casinos Eye Asia, Countries Seek Revenue».

From smoky baccarat tables in Macau to horse racing in Thailand and floating casinos in the South China Sea, gambling is on the rise across Asia. Many Asian governments are showing signs of relaxing conservative rules on gambling, partly to tap new streams of tax revenue and fund infrastructure, experts say. And as China's burgeoning middle class bets its freshly minted wealth, casino operators are scouting for investment opportunities. Pursued obsessively for centuries in Asia, gambling is an extraordinarily fragmented industry, divided between major commercial casinos in resorts such as Macau to thousands of dusty, hole-in-the-wall illegal dens in Southeast Asia. "East Asia is one of the slowest regions to tackle legal gaming, yet it has got one of the highest propensities in the world to gamble," said Sean Monaghan, gaming and wagering analyst at ABN AMRO Australia Ltd.

Michael Gore, who runs a Malaysia-based gaming consultancy, Jayport Holdings Ltd, estimates Asia's US$4.1 billion casino industry will grow six percent a year over the next 20 years as rules change to allow legal casinos to expand. Spurring the growth is a relaxation in travel rules in China, where a sizzling economy is fueling a growing middle class of big spenders in a country that bans gambling. Residents of China's three wealthiest cities -- Beijing, Shanghai and Guangzhou -- were allowed to visit Hong Kong and the tiny gambling haven of Macau from September as individuals. Previously, they could only visit in organized groups.

Even those on package tours often choose to visit gambling centers. Last year alone, 1.5 million mainland Chinese went to Genting, the site of Malaysia's sole casino, Gore said. The casino is operated by Kuala Lumpur-listed Resorts World Bhd, part of Genting Bhd. Macau is considered a testing ground for the potential of Asia's casino market. Casino mogul Stanley Ho's gaming flagship, Sociedade de Turismo e Diversoes de Macau (STDM), monopolized gambling in the former Portuguese-run enclave for four decades before the government changed the system in 2002.

Authorities allowed two new concessionaires in Macau last year. But the number of punters jostling for seats at the card tables shows there is still massive demand for more casinos. Gore estimates the Macau casinos make a daily profit of US$28,571 per table, compared with just US$1,000 in the huge Las Vegas establishments. "After these companies publish their results, fund managers will sit up and take notice. There will be a lot of money for Asian casino investments," said Gore.

Adelson is already upping his bet by building a US$240 million casino near Macau ferry terminal. It will cater to hordes of enthusiastic punters from next-door Hong Kong and expects to start operations by early 2004. Gambling in Japan is strictly limited to a handful of events such as horse racing and "pachinko," a hugely popular game resembling pinball, but some cash-strapped Japanese provinces early this year asked the central government to lift the ban on casinos.

The Philippines is one of the few other Asian countries to allow gambling. Casino operator Philippine Amusement and Gaming Corp (Pagcor) said Hong Kong investor Chow Tai Fook will invest US$120 million in a hotel-casino project at a tourism development zone proposed by Pagcor.

South Koreans were banned from gambling until October 2000, when the government issued a monopoly license to Kangwon Land Inc to operate casinos for local citizens until 2005.

Early this year the government said it was planning to allow overseas investors to open casinos as part of a drive to develop the tourism industry. There's a hefty ante, though: each investor must lay at least US$500 million on the table.

Über Glücksspiele in Macau - Gambling in Macao:

Macau (englisch Macao) liegt rund 50 Kilometer westlich von Hongkong und ist das Glücksspiel-Paradies in Asien.

Macau hat rund 40 Spielcasinos. Die grössten Casinos sind The Venetian Macao, MGM Macao, Wynn Macao, Galaxy StarWorld, City of Dreams, Sands Macao, Casino Lisboa.

Neben den riesigen und farbenfrohen Casinobuildings ist eines der Wahrzeichen der Macau Tower (Fernsehturm mit 338 Meter) mit atemberaubenden Ausblicken auf die Stadt.

Macau erstreckt sich über eine Fläche von 115.3 km2 und hat rund 620'000 Einwohner.

--- Ende Artikel / Pressemitteilung Casinos Eye Asia, Countries Seek Revenue ---


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