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MGM China gets authorization for its second casino resort and Chinese economic disparity- the reason for development in Macau | 11 January 2013 : WorldCasinoYellowPages

MGM China gets authorization for its second casino resort and Chinese economic disparity- the reason for development in Macau

... 11 January 2013

MGM China gets authorization for its second casino resort and Chinese economic disparity- the reason for development in Macau

Following collection of $161.4 million in October for attainment of a piece of land measuring 7.2 hectares on the Cotai Strip of Macau, the gaming controllers of Macau have authorized MGM China to construct its second Macau Casino resort. Although MGM China has to fulfill unusual documentation requirements yet prior to commencement of construction work, the official newspaper of Macau has started counting the time for the proposals of MGM to initiate its fresh casino worth $2.5 billion by 2016. MGM China is a mutual business enterprise amid Pansy Ho- the gaming celebrity from Macau and MGM Resorts International. Earlier, it was informed by this mutual business enterprise that there are 500 gaming tables, 1,600 hotel rooms and 2,500 slot machines included in the casino proposals. The preliminary let out of Cotai by MGM will last for 25 years. A rental fee worth MOP 2.15 million or US $ 270, 000 is required to be paid by MGM. There has been an increase of around 11% in the shares of MGM China despite the fact that the stock of MGM Resorts shut down at almost 0.5% on 9th Jan. 2013.

Optimistic forecasts are being made by the analysts for the casino entertainment business of Macau for the year 2013. The most favorable forecast has been made by Sterne Agee which stated that the monthly income statistics worth MOP 28.2 billion or $3.53 billion of December may be outshined during start of January 2013. David Bain from Sterne took into consideration the gross gaming revenue or GGR worth MOP 5.5 billion or $689 million at gaming tables from 1st Jan. to 6th Jan. to make his guess. As per Bain’s calculations, the GGR for the month of January can increase by 18% annually to reach MOP 29.5 billion or $3.69 billion subject to addition of slots income to it. The race of forecasters is joined by Bank of America Merrill Lynch which hopes for an increase in the GGR from 8.2% to 10.4%.

As advocated by Bain, the betterment in the means of transportation including latest initiation of the Gongbei location on the express rail link of Gangzhou-Zhuhai is praiseworthy for advancement in the foundation of Macau. An increase of 11% to 4.49 million and 8% to 41,997 in the number of commuters and flights has been recorded annually at the Macau International Airport. As per reports of the Macau Daily Times, five additional airlines including Vietnam Airlines, Air Asia Philippines, Thai Smile, Mandarin Airlines and Air Busan have been adjoined with the flight outlines in the year 2012. The leading number of visitors was contributed by Southeast Asia market which accounted for 37% entrances, followed by 32% by China and 31% by Taiwan. In the coming time, the airport proposed to make way for its airstrip for visitors from India as well as other places.

Week in China- the online magazine while resisting this agreement advocated that this growth in Macau is more an indication of an intensifying dissatisfaction amid the rich people of China instead of the effortless admittance. This magazine assumes that the wealthy people of China are becoming more and more distrustful about the economic condition of the country. As a result, Macau is being employed by them to transfer their money overseas prior to their own movement abroad. The figures of the Organization for Economic Cooperation and Development were referred to by the New York Times to strengthen this idea which expressed that there was an increase of 45% in the number of migrants from China to overseas from 2000 to 2010.

Although some portion of Chinese population may not be worried about the security of their funds in the bank, however the casino workers in Macau are still worried about the outcomes of the new smoking prohibition in the city. A request has been filed to the Labor Affairs Bureau by the Association for the Promotion of Casino Workers Rights which looks forward to modifications in the ban to stop casinos from accumulating the widely admired gaming tables in the smoking zones. A reply was received by the Bureau on Monday which stated modifications in the laws to some extent. Under the modified rules, the women dealers who were pregnant for more than three months as well as the employees who are patients of heart or lung diseases are excused from working in the smoking zones. The workers are also looking forward for an agenda for enactment of a law for complete ban on smoking.

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