AMZ Stock Soars After Taiwan Government Approves Gambling
When a government makes a change to a gambling law, there are usually waves of change that occur because of the decision. That was the case Wednesday when the Taiwan government approved a Bill that repeals a law against casino gambling in the country.
AMZ is anticipating bringing a casino resort to Penghu and with today's announcement their stock skyrocketed on the London Alternative Investment Market. Their stock price rose by forty six percent, to ninety one pence.
It has been a long time coming for Taiwan to repeal their gambling law. "The first draft of this Bill was made in 1994, and it took so long because there's so much debate and so many competing voices. Because Taiwan's economy is now falling, the belief is that probably these resort projects can help spur the economy," said Justin Chou, a member of the ruling Kuomintang, in a telephone interview with Tim Culpan from Bloomberg.
Today's action was particularly damaging to Macau. The casinos in Macau have already began to struggle financially, and now Taiwan joins Singapore to create much competition for casinos of Macau.
As for AMZ, they plan on being involved heavily in the bid to gain a gaming license from Taiwan. The regulations have not yet been put in place for the licenses, but once they are complete the proposals will begin being accepted.
Taiwan's economy is the reason that the gambling laws have been changed. The tourism money that used to flow freely has diminished in recent years and the government is hoping that casinos will bring some of that tourism back.
January 14, 2009
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
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