Macau Promises To Protect Their Casino Gambling Interests

While Las Vegas casino companies are having trouble receiving help from the American government, the government of Macau has decided they will not stand by while casinos close down.

Edmund Ho, the Chief Executive of Macau, has vowed that the government will do everything within their power to support existing casinos. The territory has become the casino gambling leader and plans on staying on top.

"If necessary, the government will take over. we will not allow any casinos to shut down," said Ho, after Las Vegas Sands announced that they stop their expansion on the Cotai Strip. Sands is in serious financial trouble and has halted the Macau project indefinitely.

At the present time, Macau is working to help the casino industry as much as possible, but they do not intend on making tax cuts part of that relief. Ho has introduced a stimulus package to try and kick start the economy.

Macau has been dealing with the same slowdown as Las Vegas. Although their revenue numbers are down, they have not as of yet fallen to the depths of Las Vegas revenue figures.

While the Sands project is currently stopped, they are hoping to revive the expansion once they receive the financing to do so. "We are pursuing a project financing (agreement) with a major Chinese bank. We would hope to close the transaction with the Chinese bank in three to six months," said Las Vegas Sands President and Chief Operating Officer, William Weidner.

November 12, 2008
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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