InfoAnda - Gambling city Macau marks 10 years of Chinese rule

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

U.S. judge backs RIM in patent battle with Mformation | | 9 August 2012
Syria forces hold hundreds in Latakia sports stadium | | 17 August 2011
Emma Roberts Joins Cast Of "Scream 4" | 28 May 2010

Murders By Black Teens Rose Despite Overall Decline In Homicides, Study Says | 29 December 2008

Forum Views () Forum Replies ()

Read more with google mobile : Gambling city Macau marks 10 years of Chinese rule

Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Gambling city Macau marks 10 years of Chinese rule By JEREMIAH MARQUEZ,AP Business Writer - Sunday, December 20 Send IM Story Print MACAU – Macau celebrated its 10th anniversary of Chinese rule Sunday, a decade marked by the extraordinary transformation of the once seedy Portuguese colony into a glitzy international gambling capital. But leaders stressed the need to lessen the local economy's reliance on casinos even as they commemorated the success that has helped this southern Chinese enclave surpass Las Vegas as the world's most lucrative gambling market. "In the next five years, we will actively promote the diverse economic development of Macau," said the territory's new leader, Fernando Chui, after being sworn in by Chinese President Hu Jintao. The tiny territory, best known as a dingy casino town in the past half-century of its 400-year history as a Portuguese colony, returned to Chinese rule on Dec. 20, 1999, as its economy was shriveling and warring Chinese gangs were frightening away tourists. Since then, violence has subsided and the economy has exploded. The one place in China where gambling is legal, Macau boomed after the government broke up a local company's long-standing monopoly seven years ago and started welcoming U.S. gambling powerhouses such as Wynn Resorts, Las Vegas Sands and MGM Mirage. As the operators built one flashy casino resort after another, gamblers showed up by the millions _ the overwhelming majority of them from mainland China _ and profits surged. By 2006, the enclave less than one-sixth the size of Washington, D.C., had hauled in more revenue than the Las Vegas Strip. "If you said 10 years ago that Macau would have accumulated billions of billions of new capital dedicated to one industry and thrived like this, few would have believed you," said Jonathan Galaviz, an independent gaming and tourism consultant. "Now it's clear Macau is an economic success story." Sensitive to criticism that its newfound wealth has not benefited everyone, both Chui and Hu emphasized the importance of diversifying the local economy. Macau saw several relatively large worker protests in 2007, with locals upset about the influx of immigrant labor and corruption. In 2008, a former transportation and public works secretary was sentenced to 27 years in jail for taking millions of dollars in bribes. Chui made scant mention of the casino industry in his inaugural speech except to say he would step up its oversight. He did not elaborate. "While we strengthen the regulation of the gambling industry, we will also support the advancement and transformation of the convention, logistics, cultural and traditional industries," said Chui, who was selected by a 300-member committee. Hu urged Macau to maintain a transparent government and pay attention to the "comprehensiveness, coordination and sustainability" of its economy. Macau's casino sector began cooling toward the end of 2008 as the economic crisis took hold and Chinese visa restrictions slowed the influx of gamblers. Revenues swooned, multibillion-dollar casino projects were halted and thousands of workers were laid off. But the casinos, thanks largely to the strength of mainland China's stimulus-primed economy, are teeming once again. In October, Macau posted its best month ever, raking in $1.59 billion in gambling revenues. That was about double Nevada's $800.3 million take during the period, according to government figures. Macau's industry faces an emerging threat from Singapore, where two major casinos are expected to open in the coming months and could siphon off the big-betting VIP gamblers who make up the majority of local casino revenues. To help Macau better compete, Chui may re-examine and ease the local gaming tax, analysts say. A former culture minister from one of the dominant local families, the 52-year-old Chui isn't expected to change key policies governing the number of casino licenses and tables. The man who once held Macau's casino monopoly, Stanley Ho, made his first public appearance in months at Chui's inauguration. The 87-year-old billionaire had undergone surgery in August but did not disclose what the procedure was for. Ho left Sunday's ceremony in a wheelchair, pushed by his son, Lawrence, also a gambling executive. Both Macau and Hong Kong have separate governments under China's "one country, two systems" approach. Unlike neighboring Hong Kong, which has a thriving pro-democracy opposition, Macau has traditionally been strongly pro-China and has little in the way of political dissent. On Saturday, it turned away a Hong Kong opposition legislator and several other activists who planned to stage a protest demanding direct elections for Hong Kong. Two Hong Kong journalists were also barred. The Macau government had no comment. Recommend Send IM Story Print Related Articles Bahrain's Ithmaar bank board replaces chairman Reuters - 1 hour 14 minutes ago RBS whittles Sempra suitors down to last 3 - paper Reuters - 1 hour 20 minutes ago Israel's Discount plans rights offering -report Reuters - 1 hour 32 minutes ago MIDEAST STOCKS- Dubai leads Gulf losses; slow regional trading Reuters - 1 hour 38 minutes ago Hyundai Motor announces China truck venture AP - 1 hour 50 minutes ago News Search Top Stories London Stock Exchange set to take over rival: reports Wall Street hesitates in face of new economic realities Eurostar services cancelled after travellers stranded Pope moves wartime pontiff closer to sainthood Pope decrees beatification of Poland's 'Solidarity chaplain' More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Dwindling roster of sponsors for Tiger Woods 'Avatar' director Cameron gets Hollywood star Wall Street hesitates in face of new economic realities Tiger's wife Elin seeking divorce: reports Brazilian confesses to sticking needles into two-year-old More Most Viewed » Tiger's wife Elin seeking divorce: reports Virgin unveils spaceship to offer space tourism Brazilian confesses to sticking needles into two-year-old Tiger Woods' girlfriend apologizes in TV interview Woods' mother-in-law rushed to hospital More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2009 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

Other News on Sunday, 20 December 2009
Egypt boosts security at Gaza border after firing
Pope decrees beatification of Poland's 'Solidarity chaplain'
Georgia blows up Soviet memorial, two people killed |
Lebanon's Hariri on landmark visit to Syria
Iran charges detention center jailers with murder |
Pope moves wartime pontiff closer to sainthood
ON THE ROAD WITH MULLEN: Parking concerns in Iraq
Mediator sets deadline for Israel-Hamas swap |
Iran detention centre staff face murder trial: report
Iran, Iraq seek diplomatic end to border dispute
Egypt boosts security at Gaza border after firing |
Iran acknowledges prisoners were beaten to death
Italian couple kidnapped in Mauritania |
Reward offered for Auschwitz death camp sign |
Pakistan govt: Ministers who lost amnesty to stay
Cambodia deports 20 Uighurs back to China
Blizzard-like storm slams East, region snowed in
New Afghan Cabinet list draws ire from legislators
Strong quake rattles Taiwan, some damage reported
Hawaii dimmed by education, election, health cuts
Cambodia to expel Uighur asylum-seekers from China
After climber deaths, Oregon faces beacon question
Senate sends big Pentagon budget bill to Obama
India's main opposition party gets new leader
Highlights of Senate wrap-up legislation
Senate Dems reach 60 vote threshold on health bill
What's in health care proposals for 5 Americans
Obama Back In U.S. After Copenhagen Meet, Defends Non-Binding Climate Deal
Delta Cancels Flights To D.C. Due To Snowstorm
Update: Snowstorm To Spoil Largest Christmas Shopping Weekend In East Coast
Tag Heuer To Limit Use Of Woods Image
FDIC Closes 2 California Banks
Winter Storm Blankets Northeast Conditions Begin To Deteriorate
Iraq sends forces to oil well seized by Iran
Eurostar services cancelled after travellers stranded
US-TECH Summary
Iran's top dissident cleric Montazeri dies: report |
Wall Street hesitates in face of new economic realities
Pope moves wartime pontiff closer to sainthood
Small iPhone developer Tapulous sees big success
Iran charges detention centre jailers with murder
Readers Vote Michael Jackson The Biggest Celebrity News Story Of 2009
Cambodia deports Uighurs despite criticism |
Long Beach Youth Club To Honor Warren G With Image Award
Iran troops have made partial withdrawal: Iraq |
SAG Awards Announces Nominees
Mediator "sets deadline" for Israel-Hamas swap
Brazil needle victim recovers, outrage at cruelty |
Katt Williams Sued By Assistant Over Unpaid Wages
Greek PM in unity call as parliament debates crisis budget
Michael Jackson's Estate Executors Ask For Higher Fee
Georgia blows up Soviet memorial, two people killed |
Susan Boyle Earns #1 On Billboard Albums Chart For Third Week
Jay-Z And Alicia Keep Ke$ha From #1 On Billboard Hot 100
Susan Boyle's "Britain's Got Talent" Video Named Most Watched On YouTube For 2009
Judge Bans Courtney Love From Contacting Daughter
FBI Arrests Man Charged With Leaking "Wolverine" Online
Small iPhone developer Tapulous sees big success |
Hynix can spend $2 billion capex in 2010 |
China: Climate talks yielded 'positive' results
At 100, Boy Scouts say they're still `essential'
Reports: Malaysia fighter jet engine stolen
Blizzard blasts eastern US, Washington snowed under
Malaysia opposition make unity pledge to win power
Obama Reiterates Health Reform to Get Insurance Companies Accountable
Myanmar's Suu Kyi party needs new blood: analysts
Evangelical church opens doors fully to gays
In Afghan war, officer flourishes outside the box
What's in health care proposals for 5 Americans
Weather forecast for the Asia-Pacific region
Facing prison, Astor's son bares private life
Thousands of Taiwanese protest China envoy's visit
Too cold for nude protest, NYC bikers switch gears
Cambodia deports Uighurs despite criticism
Asylum seekers leave Indonesia: official
Lockerbie bomber Megrahi's health deteriorates
Five missing after boat sinks off S.Korea
Against nudity ban, Ore. gallery takes it all off
Hyundai Motor announces China truck venture
Airlines eye 'contact-less' travel
Hospital's pursuit of Indonesian creates folk hero
Report: Kevin Jonas, ex-hairdresser marry in NY
Lil Wayne's Texas concert on after checkpoint stop
Chinese-sculpted winter wonderland in Washington
Swedish jeans 'Made in North Korea' go on sale
India hosts its first ever transsexual beauty pageant
Bolivian student crowned 'Mister International' in Taiwan
Taiwan-China trade pact could boost film industry: report
Thousands hit in second day of Eurostar standstill
Iranian dissident cleric Montazeri dies
Pipeline sabotage halts oil exports from northern Iraq
Karzai says new cabinet to be accountable |
Top Iran dissident cleric Montazeri dies at 87
Iran troops leave oil well, still in Iraq: Dabbagh
Thousands protest in Taiwan over China trade talks |
Iran dissident Grand Ayatollah Montazeri dies
Serbia to launch EU membership bid: PM
Hariri sees new page in Lebanon ties with Syria |
Philippines raises volcano alert as eruption nears |
Berlusconi's popularity rises after attack |
China to try prominent dissident on Wednesday: lawyer |
Mortar shell attacks kills at least 14 in Somalia |
Obama health plan gets boost as deadline looms
Thousands protest in Taiwan over China trade talks
US envoy visits Zelaya at Brazilian embassy
Macau marks a decade of Chinese rule
Major volcanic eruption feared in Philippines
Chinese man's subversion trial to start this week
Myanmar state press says no charter change for now
Maoist protesters clash with police in Nepal
Up to 30,000 in Taiwan anti-China rally ahead of talks
French PM in China for talks to boost trade
Philippines raises volcano alert as eruption nears
Malaysian fighter jet engine stolen from airbase
Asia spending again after financial meltdown
Gas pipeline a symbol of China's power: analysts
Gambling city Macau marks 10 years of Chinese rule
S.Korea, China agree 400-million-dollar auto deal
Spain leads world in organ donations
Pamela Anderson is magic in London panto 'Aladdin'
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