March 31, 2008 -
It isn't surprising that Macau's casino gambling industry
has been faring as well as it has in the last few years. And
as fast as the "Las Vegas of the East" continues to grow,
the general sentiment from most gamblers is "that's supposed
to happen, right?" But would anybody have thought that Macau
would have a richer economy than Italy?
Sure, I'm talking in terms of gross domestic product
per capita, which is now $36,357 in Macau (a rise of 27%
from last year). And considering that Macau's population
is just under 540,000 and that there are more luxury
casinos gathered together than anywhere else in the
world other than Las Vegas, you might expect the GDP to
be a littler higher than average.
So, I guess what I'm getting at is that Macau is now
the richest territory in all of Asia. But here's the
rub. The irony of the situation (which really isn't that
surprising) is that as the rich get richer, the
"poor"...well, they don't get poorer, but they are
getting only moderate rises in employment earnings. Let
me tell you that a median monthly income of $1,020 is by
no means a poor-man's income in many other countries.
But if you do the math and weigh in all the hours being
worked, $300 a week is no walk in the park.
What makes things worse is that inflation is growing
at an alarming rate. Annually, it's risen almost 10%,
which is a twelve-year high for Macau. With rent prices
having risen over 15% and medical expenses to over 24%,
the Macau casino gambling industry might need to rethink
a few things over in how they can help foster
responsible gaming practices.
And with a 47% increase in
casino revenue last year alone, which came in at over
$10.3 billion and continued growth of 20% more annual
revenues until at least 2010 (so predicts Stanley
Morgan), Macau is definitely going to need some economy
stimulation incentives in place if they don't want to
turn into Sherwood Forest.
If you'd like some more information on the Macau
casino scene, Online Casino Suite highly recommends the
Wizard of Macau - the companion website to Michael
Shackelford's highly touted The Wizard of Odds. Wizard
of Macau offers some great rules and strategy on popular
casino games in Macau, casino reviews, photos and maps.
It's definitely worth a visit if you are planning a
gambling trip to Macau.
March, 2008 Categories: