Gaming taxes collected by the Macau government rose 13.4 percent in the first three quarters, as Chinese tourists flocked to the city following the opening of its first Las Vegas style casino in two-and-a-half years.
Direct gaming taxes collected from the city's six licensed operators rose to 14.19 billion patacas (US$1.77 billion) in the first three quarters, compared with 12.51 billion patacas a year earlier, according to statistics released on the Financial Services Bureau Web site.
Casino companies have been investing in the former Portuguese colony since its government opened its gaming market to foreign operators, betting Chinese gamblers will flock to the only place casino gaming is legal in the country. Wynn Resorts Ltd launched a US$1.2 billion hotel-casino on Sept. 6, and Las Vegas Sands Corp opened the city's first Las-Vegas style casino in 2004.
On Thursday, a Hong Kong company became the first Asian firm to open a US-style casino in gambling haven Macau, fast becoming the Las Vegas of the east.
Starworld Hotel, the flagship of the Galaxy group, is the second Las Vegas-style hotel-casino complex to open in the territory. The first, the Wynn Macau was opened last month just metres away from Galaxy's towering new complex.
Macau's century-old gaming market was given a boost in 2001 when the removal of a 40-year gambling monopoly from tycoon Stanley Ho (
With annual gambling receipts expected to near US$7 billion by the end of the year, the city is already believed to have overtaken the earning power of the Las Vegas Strip's casinos.
Such growth -- in excess of 25 percent last year -- has been fuelled by a sudden surge in tourist arrivals since travel restrictions were lowered in China.
The number of visitors to Macau rose 14 percent during China's National Day holiday from Oct.1 to Oct. 7, according to government statistics. Wynn Macau resort took in about US$900 million in chip sales in its first 13 days of operation, the Las Vegas Sun said in an Oct. 1 report, quoting chairman Stephen Wynn.
PATENTS: MediaTek Inc said it would not comment on ongoing legal cases, but does not expect the legal action by Huawei to affect its business operations Smartphone integrated chips designer MediaTek Inc (聯發科) on Friday said that a lawsuit filed by Chinese smartphone brand Huawei Technologies Co (華為) over alleged patent infringements would have little impact on its operations. In an announcement posted on the Taiwan Stock Exchange, MediaTek said that it would not comment on an ongoing legal case. However, the company said that Huawei’s legal action would have little impact on its operations. MediaTek’s statement came after China-based PRIP Research said on Thursday that Huawei filed a lawsuit with a Chinese district court claiming that MediaTek infringed on its patents. The infringement mentioned in the lawsuit likely involved
Taipei is today suspending work, classes and its US$2.4 trillion stock market as Typhoon Gaemi approaches Taiwan with strong winds and heavy rain. The nation is not conducting securities, currency or fixed income trading, statements from its stock and currency exchanges said. Authorities had yesterday issued a warning that the storm could affect people on land and canceled some ship crossings and domestic flights. Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) expects its local chipmaking fabs to maintain normal production, the company said in an e-mailed statement. The main chipmaker for Apple Inc and Nvidia Corp said it has activated routine typhoon alert
GROWTH: TSMC increased its projected revenue growth for this year to more than 25 percent, citing stronger-than-expected demand for AI devices and smartphones The Taiwan Institute of Economic Research (TIER, 台灣經濟研究院) yesterday raised its forecast for Taiwan’s GDP growth this year from 3.29 percent to 3.85 percent, as exports and private investment recovered faster than it predicted three months ago. The Taipei-based think tank also expects that Taiwan would see a 8.19 percent increase in exports this year, better than the 7.55 percent it projected in April, as US technology giants spent more money on artificial intelligence (AI) infrastructure and development. “There will be more AI servers going forward, but it remains to be seen if the momentum would extend to personal computers, smartphones and
Catastrophic computer outages caused by a software update from one company have once again exposed the dangers of global technological dependence on a handful of players, experts said on Friday. A flawed update sent out by the little-known security firm CrowdStrike Holdings Inc brought airlines, TV stations and myriad other aspects of daily life to a standstill. The outages affected companies or individuals that use CrowdStrike on the Microsoft Inc’s Windows platform. When they applied the update, the incompatible software crashed computers into a frozen state known as the “blue screen of death.” “Today CrowdStrike has become a household name, but not in