InfoAnda - FEATURE-Macau feels pain as casino winning streak ebbs

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

UN chief says Uzbekistan must observe human rights | 6 April 2010
Koenigsegg co-owner confident of saving Saab: report | 14 June 2009
U.S. entering direct talks with Taliban | 20 February 2011

From the bottom of Jaycee's heart | 5 December 2008

">Forum Views () ">Forum Replies ()

Read more with google mobile : FEATURE-Macau feels pain as casino winning streak ebbs

Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Australia China India Indonesia Japan Malaysia Philippines Thailand Vietnam Search Search: FEATURE-Macau feels pain as casino winning streak ebbs Reuters - 57 minutes ago James Pomfret MACAU, Nov 21 - On Macau's dusty Cotai strip, the cranes at the Las Vegas Sands' construction site stand idle at dusk atop the half-finished husks of three massive towers, while weary batches of construction workers, laid-off en masse, stream out of the site's turnstiles, many for the last time. After a golden streak since 2002, which saw Macau transformed from a sleepy former Portuguese colonial backwater into a Las Vegas-style gambling paradise, Macau's luck may be running out. "I'm in a state of shock, the whole thing has made me sleepless for days," said Chen Rui, a native of Zhanjiang across the Chinese border, one of an army of migrant workers brought in to ease Macau's acute labour shortage amid the construction boom. "The economy's bad in China and everything's more expensive so it's going to affect us badly. Even if we want to find another construction site it'll be very difficult," Chen, 25, added while other sacked blue-collar brethren stared at him in silence. Last week, debt-straddled Las Vegas Sands shocked many in this brash boomtown, by laying off most of the 11,000 workers on two Cotai strip sites -- a stone's throw from the palatial 3,000-suite Venetian Macau, which Sands owner Sheldon Adelson had opened just a year ago with much fanfare. "I never thought that was possible before, that such a big elephant could collapse so easily," said Lam Wai, manager of the San Tio watch and jewellery pawn shop, one of many operators feeding off luckless gamblers spilling from the glitzy casinos. TOO MANY LICENSES Others blamed the government for the casino glut, for issuing too many casino licenses and giving precious land to developers without redistributing the new found wealth. "I'm a Macau person and all of Macau's half-million people are angry with the government," said Ng Sek Io, a laid-off worker still clutching a red helmet outside the suspended construction projects, which included five-star hotels such as the Sheraton, Shangri-La and St. Regis, as well as luxury shopping malls. "It's a corrupt and incompetent government and it hasn't considered our current livelihood difficulties," Ng added. Macau's gaming tycoon Stanley Ho has warned the recession could last up to three years. But even before the downturn, visa restrictions imposed by China on risk-loving Chinese punters had begun to corrode gaming revenues. Macau has yet to see other major casino operators keel over like the Sands. Analysts say that while Adelson's bold dream of transforming the Cotai strip into a fully integrated family entertainment and conference hub rivalling Vegas' legendary strip may be delayed for several years, it is not broken. Melco's City of Dreams casino, a joint venture by the sons of Australian tycoon Kerry Packer and Stanley Ho, is still due to open next year and the sprawling reclaimed isthmus is still the only place left in land-cramped Macau for mega-projects to rise. "You've hit a speed bump where you've seen growth slowing, but it's not a case where everything's gone over the cliff," said David Green, gaming practice director in Macau for PricewaterhouseCoopers. Macau is still the only place on Chinese soil where casinos are allowed to operate. "Macau will always have one unbelievable advantage and that's location. It's geographically and politically part of China and as long Chinese have their penchant for gambling, this place will do well," Green said. "By the end of next year there should be enough confidence around to see an increase in gambling activity," he added. AFFECTS EVERYTHING But on Macau's historic and winding Portuguese cobblestoned streets, more and more Macanese with lives outside the casino orbit are becoming nervous. "We're all a bit worried," said Connie Chan, a recently laid-off clerk at a textiles firm looking for work in the enclave's bustling Labour Services Bureau. "I'd be lying if I said I wasn't. The environment is not so good because if the gaming sector isn't good, it will affect everything." Many hope China will soon respond to Macau's woes by easing recent visa restrictions on Chinese visitors to stimulate retail spending and sagging gaming receipts. But the enclave faces a competitive threat from Singapore, which opens its first casino resorts late next year. Analysts say that could end up scooping more business from Macau than many expect, given the city-state's broader family and cultural appeal. "We are going to have enormous difficulties because those laid off may have great difficulties in finding another job as we have not diversified our industry in Macau. "So overall we're quite dependent on the gaming," said Jose Coutinho, a Macau lawmaker. Those who have benefited from higher property prices and wages are taking Macau's shifting fortunes in stride. "Before, jobs looked for people, but now people are looking for jobs," said Martin Kou, a 45-year-old restaurant manager. "It's like a change of feng shui for us, the end of a cycle." Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Asia Pacific Singapore dollar slips after data confirms recessionReuters - 37 minutes ago FEATURE-Macau feels pain as casino winning streak ebbsReuters - 57 minutes ago Afghanistan markets its brand of pomegranatesAP - 1 hour 31 minutes ago China's Hu calls for deeper partnership with Latin AmericaAFP - Friday, November 21 Vietnam president meets Chavez to sign deals in VenezuelaAFP - Friday, November 21 Most Popular – Asia Pacific Viewed Obama girls visit their future White House home Is superfood omega-3 keeping its promise? US inflation plunges, world crisis hits carmakers Exercise, sleep cuts cancer risk: study Oil prices slump under $50 per barrel View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

Other News on Thursday, 20 November 2008
Climate change: emissions from industrialised world still high
Climate change momentum fading: Asia-Pacific survey
Fed acknowledges recession risk, global gloom deepens
Poke your boss, crush a stickman with new Japanese toy
Shah Rukh Khan's Malaysian 'knighthood' postponed: official
Valen Hsu: I was involved in a three-way relationship
Rockers Placebo to play anti-slavery gig at Cambodia's Angkor Wat
Reliance Capital to launch Islamic funds in Malaysia
Fashionista Chen Hanwei
Athletics: World champ Kibet to run Singapore Marathon
Shipping industry hit by yard cancellations, fewer transactions
JJ Lin to be back in Singapore to meet fans
2008 PSLE sees almost 97% of students eligible for secondary schools
Japan's anime guru wants manga-loving PM to keep quiet
Little Derrick gets to meet his idol
Vietnam recalls diplomat from South Africa
Blast kills 1, wounds 29 at Thai protest site
St Nicholas Girls’ may offer translation course as O’ Level subject
7 Sri Lankans arrested for credit card fraud
US opens consulate in China industry center Wuhan
Lawyer: Michael Jackson to testify in London
US ambassador summoned in Pakistan
Cambodian monk charged with raping British woman
Volunteers make 143 tons of spicy kimchi in Seoul
Israeli leaders travel to Jordan to discuss Gaza
Grenade fails to scare hardcore Thai protesters | International |
US raid kills Iraqi blamed in 2004 reservist death
Emerging markets to drive mobile growth: British watchdog
EU agrees agriculture policy reforms
Settlers spray inflammatory graffiti on mosque
Pakistan protests over U.S. missile strikes | International |
Top diamond stays on the shelf at Geneva auction
Iraq parliament engulfed in protests over US pact
Palestinians advertise peace plan in Israeli press | International |
Polls show Israel's Likud party leading
Bomber attacks NATO base in Afghanistan | International |
Zimbabwe rivals to meet Mbeki in S.Africa | International |
Mistrust fuels intolerance in divided Kosovo | International |
US says American troops attacked in Philippines
Obama taps Daschle to lead health drive
Pakistan's forex reserves fall $100 mln to $6.64 bln
Asia property execs gloomy, fewer pay hikes
Philippine bishops oppose contraceptives bill
Taiwan economy contracts as crisis bites
Microsoft modifies Zune subscription model | Technology |
Governments scramble to protect jobs as losses mount
Australian navy rescues 12 from sinking boat
World of Warcraft has rivals racing for new worlds | Technology |
Taiwan's economy contracts in 3rd quarter
Beijing to double spending on historic buildings
GM to temporarily stop production at Thai plant
Workplace health promotion programmes to continue despite downturn
HK stocks fall after Wall Street's sharp losses
COE for small cars drops to historic low of S$2
Indian inflation eases to 8.9 percent
China shares fall but property, metals limit loss
Suri Cruise tops list of Hollywood's power kids | Entertainment |
Taiwan dlr at 3-wk low ahead of GDP numbers
Michael Jackson to testify in British court: lawyer | Entertainment |
China warns jobs outlook 'grim' as economy slows
John McCain fights back against Jackson Browne | Entertainment |
Japan's top filmmaker takes swipe at comic-mad PM | Entertainment |
Animator Miyazaki embarrased by prime minister
PM Lee to attend APEC Economic Leaders’ Meeting in Lima, Peru
Ben Affleck visits refugee camps in eastern Congo
S’pore education provider MDIS opens foreign university in Uzbekistan
Three S’poreans each fined S$5,000 for bribing lucky draw organiser
Strike threat hangs over La Scala gala opening
Storm dumps 8 inches of rain on east Australia
Police detain 30 for violence in NW China protest
SKorea to return NKorean boat, crew members
China to overhaul battered dairy industry
Thai Beverage postpones Bangkok listing plan-adviser
Kaplan to open second campus in Orchard Road area by end—2009
Leading entrepreneurs view climate change as growing strategic concern
GE in talks with Asian sovereign funds
GE says not seeking sovereign-wealth investment
Japan shaken by stabbings linked to pension system
Teenagers learn important social, technical skills online: study
'Dinner Impossible' does the improbable
South West CDC steps up employment assistance efforts
Suicide bomber attacks Afghan gov't building
China arrests 30 over riots in northwest: govt
APEC leaders to focus on global economic slowdown in Peru Summit
US ambassador summoned over Pakistan strikes
US panel warns of Chinese espionage
Bangladesh party insists polls be delayed 10 days
Madonna, Ritchie on London divorce docket Friday
Japan stabbings seen linked to pension scandal
Mumbai's lunch box men deliver meals, messages
US panel warns of Chinese espionage
Vietnam to tighten two-child rule
Vietnam president to sign deals with Chavez in Venezuela
Grim tidings for US Christmas shopping season
China to overhaul battered dairy industry
Germany takes aim at online child pornography: minister
Beaujolais fireworks hide worries about the future
Asian nations brace for economic crisis
Microsoft to let Zune owners keep 10 tracks a month
Bollywood royalty lines up for Live Earth India concert
Google picks Austria village for new European server farm
Mauritius best, Guinea Bissau worst for African children: report
Welsh language makes EU debut
Pakistan protests to US over deep missile strike
`Chinese Democracy' begins streaming on MySpace
Vampire romance 'Twilight' poised for box-office killing
Ann Curry stops short of Kilimanjaro summit
Financial crisis will not affect us, says Tokyo Olympic bid chief
Britney Spears craves freedom amid career upswing
Kraftwerk copyright case overturned in Germany
Farinelli and Co.: Vienna stages first countertenor festival
Jennifer Garner wins order against alleged stalker
Taliban warns of reprisals as Pakistan protests US drone attacks
US contractors lose immunity in Iraq security deal
Palestinian leader appeals to Israelis in peace ad
Putin reassures Russia on economy, silent on future
U.N. council approves increase in Congo peacekeepers | International |
Baghdad to kill stray dogs after fatal attacks
World stocks dive as panic spreads
Jurors want Politkovskaya murder trial reopened to media
ICC prosecutor seeks arrest of Darfur rebels | International |
Wall Street plunges again as panic spreads
Michael Jackson to give evidence at London court
US charges defense contractor with Afghan murder
NASA marks 10th ISS anniversary with spacewalk
Canada to keep pressing Saudis over murder case | International |
US, Iraqis to transfer control of Diyala to Sunnis
Evidence of vast frozen water reserves on Mars: scientists
Madonna, Ritchie to divorce after agreeing deal
U.N. council targets trouble-makers in Somalia | International |
US jobless claims hit 16-year high
CIA faulted in shooting down of missionary plane | International |
Tokyo stocks open down 1.33 percent
Singapore dollar slips after data confirms recession
US convicts smuggler in massive Colombia arms deal
Oil prices slump under $50 per barrel
Seoul shares down after U.S. rout; banks fall
Over 1,000 melamine babies still in China hospitals | International |
FEATURE-Macau feels pain as casino winning streak ebbs
UN expert: 100 Guantanamo inmates need new homes
New Zealand's Fonterra cuts forecast dairy payout
Chrysler wants to revive merger talks with GM
Afghanistan markets its brand of pomegranates
Lockerbie families say compensation complete
Oil prices drop below $50 dollars, hit 3.5-year lows
China's Hu calls for deeper partnership with Latin America
NZ electronic card sales rise in October
Dell profit tops Street view, shares rise | Technology |
What climate change? Meltdown trumps fears at APEC
NZ stocks open sharply lower as Wall St drops
EU announces interest in Arctic region
Report says CIA witheld info from White House
Nokia to add IBM's Lotus Notes email to smartphones | Technology |
S.Korean firms' Oct bond sales drop 44 pct m/m
Africans to stick together in climate change talks
Hu says China economy strong despite crisis
Leading entrepreneurs view climate change as growing strategic concern
Iraqi parliament likely to approve US pact
Virgin Media sees mobile broadband as complementary | Technology |
US panel warns of Chinese espionage
Madonna and Ritchie to divorce on Friday | Entertainment |
Twilight publisher sees film boosting book sales | Entertainment |
OPEC grapples with production cuts, credibility
Oil prices slump under $50 per barrel
Hollywood actors, studios meet again with mediator | Entertainment |
Oil prices drop below $50 dollars, hit 3.5-year lows
Sean Stewart settles case over fight
Pensions frozen at Random House Inc.
Sean Stewart settles case over fight
The 10 movies you shouldn't watch online
`DWTS' pro Julianne Hough won't return next season
Hill fulfills dream with Christmas special, CD
Best-sellers Books Top 10
PUBLISHERS WEEKLY BEST-SELLERS
Dr Pepper to deliver on its free-soda promise
More job losses darken global economic outlook
Indian buyers help drive jump in world gold demand
Japan, SKorea pressure NKorea in nuke row
US Congress warned of Chinese cyber, space threats
Landslide in Philippines kills 5, some missing
RPT-GLOBAL MARKETS-Asia stocks at 5-yr low; world economy hurt
Adviser says Fred Thompson plans return to acting
Venezuela, Vietnam strengthen ties with joint fund
Philippine landslide kills 5, at least 2 missing
Singapore finmin: not cutting goods & services tax
No viable auto industry bailout plan: Democrats
House of leading Chinese rights activist demolished
China says 19,000 students died in May earthquake
China says 19,000 students died in May earthquake
Surprise! Violinist Shaham gets Avery Fisher Prize
Taiwan's Powerchip says could consider Elpida merger
SKorea, China, Japan to hold summit next month, Seoul says
China says 19,000 students died in May earthquake
Nepal takes second crack at foreign adoptions
Singapore c.bank says policy fine despite recession
UN Security Council on fact-seeking mission in Afghanistan
Top official meets rioters as China seeks stability | International |
Tibetans likely to back Middle Way | International |
Aussie mayor wins sexist 'award' for inviting ugly women to town
Citigroup executives consider sale of all or part of bank: report
Major shippers skirt Gulf of Aden to avoid pirates | International |
Somali pirates demand 25 million dollars for Saudi oil tanker
New strain of deadly Ebola virus discovered
Blast kills 7 at Shi'ite funeral in Pakistan | International |
US attorney general collapses, hospitalized: official
Shanghai's Peace Hotel to become arts centre
Macau feels pain as casino winning streak ebbs | International |
Auto, shipmakers send Seoul shares up 6 pct
Security firms told they lose immunity in Iraq: official
China says quake school toll over 19,000 | International |
Indian PM appeals against caste, religious divisions
Waxman topples Dingell; House Dems go greener
SKorean stocks rally despite Wall Street drop
NBC offers trivia game to Facebook users | Technology |
US military deaths in Iraq war at 4,201
Oil prices hover near 50 dollars
China plans 440 billion dollar investment in quake-hit province
Lawyer shortage exposes Papua New Guinea to suits
S.Korea T-bond futures soar on won, eyes on BOK
Verizon staff had unauthorized access to Obama's cell | Technology |
Pakistani c.bank sells 23.7 bln rupees of T-bills
Nowhere safe to play for children in cluster-bombed Laos
Sony says Blu-ray sales short of forecasts | Technology |
South Korean won erases losses to end slightly up
Singapore announces 1.5-billion-dlrs in loan support
Former boyfriend of model convicted of her murder
Japan's central bank keeps interest rates on hold
Korea Exch halts programme buying; KOSPI jumps
Madonna and Ritchie to divorce on Friday | Entertainment |
Cross currents buffet Oscar campaigns | Entertainment |
Kiss unhappy about rock hall of fame exclusion | Entertainment |
Three ABC programs hear no pickup lines | Entertainment |
Star Trek promo blasting off six months early | Entertainment |
Anna Kendrick movin' on Up with Clooney | Entertainment |
Twilight a campy vampire romance with no bite | Entertainment |
AC/DC debuts on dance chart | Entertainment |
Olyphant taps into Crazies horror redo | Entertainment |
Swiss bunker hotel: no frills but nuclear blast protection
Jack White, Alicia Keys hit chart with Bond theme | Entertainment |
Dutch "coffee shop" debate: will closing only shift drug traffic?
Sonia Rykiel: 40 years a fashion pioneer
S’pore stem cell researchers score breakthrough for diabetes treatment
S’pore govt allocates S$600 million for skills upgrading
Australian caught smuggling cocaine in skateboards
S’pore government to provide extra S$2.3b in loan support to businesses
China vows not to compromise with Tibetan exiles
Five dead, two missing in Philippine landslide
Oil prices below 50 dollars
Blast kills 8 mourners at Pakistani funeral
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph		BlogMeter 1.01