No new casinos in Macau government says

No new casinos in Macau government says The issuing of new casino licenses in Macau, the biggest gambling destination in the world, will be suspended indefinitely, the government officials said on Tuesday. "We're now at a stage to review and estimate the development of the industry. We decided not to issue any new casino concessions, including casino sub- concessions," Macau's Chief Executive Edmund Ho said during a meeting with local lawmakers. In addition to halting the issue of new casino licenses, Macau freezing land allocations for the construction of more casinos, as well as put the brakes on applications from the Macau's 28 casinos for additional gambling tables and slot machines.

Macau, former Portuguese colony returned to Chinese rule in 1999 and the only place in China where gambling is legal, is rivaling the entire U.S. state of Nevada in gaming revenue. Last year, casinos in Macau raked in more than US$10.3 billion in gaming revenue, according to the government. The territory opened its doors to Las-Vegas style casinos in 2002, effectively ending the gambling monopoly held by casino magnate Stanley Ho. Macau currently has three casino licenses and three casino sub-licenses which allow a total of six companies to operate 28 casinos on its territory.

Published on 04/22/2008