Section: Government

Macau Q1 2008 Gross Domestic Product Expands by 31.6%

In the first quarter of 2008, performance of the gaming sector continued to stay vibrant, with gross gaming revenue (excluding gratuities) soaring substantially by 61.8% in nominal terms compared with the same quarter of 2007, while total visitor spending (excluding gaming expenses) rose slightly by 4.3%; gross fixed capital formation dropped by 17.6% upon successive

Macau Government Meets Casino Operators

The Secretary for Economy and Finance, Mr Francis Tam Pak Yuen, met with the management of six casino concessionaires to exchange views on the development of the industry. Speaking to the press after the meeting, Mr Tam disclosed that the discussions were focused on the commission rate on VIP chips and the number of tables. He said

Macau On Target For 30 Million Visitors in 2008

Macau received 7.5 million visitors in the first quarter of 2008, which was a rise of 17.9 percent against the same period of 2007. The number of visitors from mainland China was 4.38 million, which was a rise of 22.6 percent, while the number of visitors from Hong Kong and Southeast Asia rose 3.3 and 63.3

Macao Pataca to Remain Pegged to Hong Kong Dollar

The peg of the pataca to the Hong Kong dollar is an established policy of the Government and will not be changed for a long time, the Chief Executive, Mr Edmund Ho Hau Wah, said when he attended a plenary session of the Legislative Assembly this afternoon. Mr Ho, who was answering legislators’ questions, said he

Macau May 1 Rally May Well Be Called Off

More than one rally which were originally planned to be staged on May 1 demanding measures to tackle illegal workers as well as soaring living costs could be called off after the Chief Executive announced the two-billion pataca subsidy for Macau residents on Tuesday, reports Macau Daily Times. According to lawmaker and chief member of the

Macau March 2008 Visitor Arrivals Up a Whopping 25.6%

Macau visitor arrivals reached 2,713,457 in March 2008, a year-on-year increase of 25.6%. Visitors from Mainland China (1,566,179), Hong Kong (743,250) and Southeast Asia (153,921) grew by 32.4%, 11.5% and 60.4% respectively. Same-day visitors accounted for 53.2% of the total arrivals, at 1,444,785. The majority of the visitors came from Mainland China and Hong Kong, which

Moody's Says Macau Economy Is Solid

Macau’s financial health is solid although there are some risks that make the territory vulnerable to external shocks, according to US ratings agency Moody's Investors Service. "Macau's solid fiscal position has produced considerable public sector surpluses over the past five years and because it does not have any public debt that needs to be repaid, its

Macau Waiting to Start Land Reclamation Projects

The Macau government is waiting for approval from the central government in Beijing to begin works on the reclamation land projects which are expected to total an area of around five square kilometers. The secretary for transport and public works, Lau Si Io, said the project plan is based on that of 2006, which the local

Macau Immigration Investment Scheme On Hold for Two More Years

The investment immigration scheme through buying properties in Macau will not be resumed at least for the next two years, according to government sources. The Jornal Va Kio reported that the Government has no intention to review the decision, announced by the Chief Executive Ho Hau Wah during the Legislative Assembly’s question time on 3 April

Macau 2007 Growth Domestic Product Up By 27.3%

The world economy remained strong in the first three quarters of 2007, but the momentum tended to slowdown in the fourth quarter; however, the economy of Macau was not much affected due to the support from Mainland China. Driven by the rapid development of the gaming and tourism sector, investment surged substantially and local consumption