Casino News

Macau prepared for "difficult" 2009

2008-11-12 11:14:46

Adequate resources and policies are in place to ensure that Macau stands up to a difficult 2009, according to the region's chief executive.

Edmund Ho claimed that the world's richest gaming destination has prepared for a potentially bad year and he expects it to survive the recent financial crisis that has hit the global gambling industry, BBC News reports.

"As to the expectation that Macau will be going through a difficult time next year, the government has already made sufficient preparation in terms of policy and financial resources," Mr Ho remarked.

These policies will not include a reduction in the 39 percent gambling tax rate and the local government will not bail out struggling gaming investors, he explained.

Las Vegas Sands, which operated the Venetian Macao and Sands Macao on the Cotai Strip, has struggled in recent weeks as fears were raised over its levels of debt.

The company's chief executive officer Sheldon Adelson has been credited with being one of the major architects behind the success of Macau, which has overtaken Las Vegas as the world's foremost gaming mecca in less than a decade.