Section: Economy

China Government to Clean Up Crime in Macau After Beijing Olympics

The activities of Macau's gangsters, or triads are being kept in check by a plentiful market and the watchful eye of the Mainland government, according to a local university professor, reports Macau Daily Times. Underworld figures that operate in casinos are being careful not to step out of line in fear of retribution from the Mainland

Discussion of Macau Land Concession Moves On

The eventual committee of the land concession system yesterday moved to discuss policy orientation and specific executive measures after the government presentation was completed. According to president of the Eventual Committee for the Analysis of Public Regimes and Land Concessions, Kou Hoi In, the government had finished introducing its proposal during the last meeting, and

Hong Kong Hotels Raising Salaries to Stop Talent Drain to Macau

Hong Kong's hotel industry have decided to increase salaries by 4 to 5 percent in order to prevent the loss of talents, particularly to Macau. In the upcoming years, quite a few grand hotels will be established in Macau, whereby the increase of salaries by the Hong Kong hotel industry could be interpreted as

Macau Property Opportunities Fund 4Q 2007 Update

Investor Update Fourth Quarter 2007 Quarterly Highlights * US$43.1 million in new acquisitions announced * 101% of Company's equity now committed * Continued price appreciation in Macau residential property * Positive Macau Government Policy Address * Opening of prestigious MGM Grand Macau Fund Overview In October, the Company announced the successful acquisition of its fourth major property (Property 4) bringing to a close

Nice Pay Increase for Macau Bureaucrats

Directors of government departments will soon be making as much as 70 to 75 thousand patacas (US$9 - 9,500) each month, an increase of 27 to 36 per cent on current wages. Chief Executive Edmund Ho Hau Wah mentioned the salary rise during his policy address at the Legislative Assembly last year. However, it isn't an easy

Macau’s Pataca To Remain Pegged to US Dollar

We think this may have a lot to do with the heavy billions of USD casino investments in Macau! Despite rising inflation and a weakening US dollar, the value of the pataca(8 Patacas = 1USD) will continue to remain indirectly tied to the once dominant American currency, the chairman of the Monetary Authority of Macao said

Macau to Extend Real Estate Tax Reduction

Owners of domestic housing units that are rented out are likely to get tax breaks of up to 3,500 patacas (US$437.50) next year, alongside with owners of owner-occupied flats. This was disclosed today by the Secretary for Economy and Finance, Mr Francis Tam Pak Yuen, after he had discussed the Government budget for the fiscal year

Macau Gaming Revenue Continuous to Soar

Total receipts and total expenditure of the Macau gaming sector amounted to US$ 7.25 billion and US$ 3.82 billion, up by 22% and 28% respectively over 2005. Gross value added, a measure of the sector’s contribution to the economy, rose by 22% to US$ 4.26 billion; gross fixed capital formation soared by 284% over 2005

Macau Hotel Occupancy Rates Continues to Rise

Macau hotel occupancy are up again, even though another 4,000 rooms came online. In light of the Summer holidays, the number of visitor arrivals in package tours reached 387,518 in August 2007, which surged by 65.6% year-on-year. Visitors from Mainland China (282,834), Hong Kong (29,954) and Taiwan, China (27,753) recorded remarkable growth of 58.6%, 166.1%

The Other Dark Side of Booming Macau

Recent demonstrations underscore discontent with the cocktail of sleaze, vice and corruption that propel Macau's economy. Sleepy Macau in 1984 before the casino boom (Photo Courtesy: Paul Stapleton) The former Portuguese enclave of Macau has long been almost as notorious for the corruption of some government officials as for its gambling and sex industries. But mass public