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Numerous casino projects surface in Asian region | 19th Sept 2012 : WorldCasinoYellowPages

Numerous casino projects surface in Asian region

... 19 September 2012

MACAU – A casino costing $4 billion is going to develop shortly on a domesticated land on Manila Bay in the Philippines. It is anticipated that overseas sponsors will be starting construction of offshore casino resorts in South Korea. At the same time, the system is proposing a resort region intended to attract high-roller players from China on the eastern border of Russia. All these casino projects are an element of the casino construction explosion across the globe. The administration of the respective places is making efforts to increase their visitor-markets so as to captivate more and more Asians who have a fondness for gambling.

Expensive and ostentatious resorts are being constructed in line with Las Vegas Style to replicate the achievement of gambling centers of Asia such as Macau and Singapore. The former emerged as the leading casino market across the globe following termination of domination. The latter collected around $6 billion in a year from the first two casinos of the city-state following their initiation in 2010.

The expansion in casinos underlines the fact that the swift development in economy of the region is pushing the gambling industry. Due to increase in incomes of the middle class, they can now spend more on touring and recreational activities. However, arguments in relation to social evils and the supposed financial advantages on the part of gambling industry are also heating up due to this explosion of casinos.

As stated by the Vice Chairman of Macau casino operator - Francis Lui, the accomplishment of Macau has certainly made way for debates over casino explosions occurring in the state. The amount of money to be collected is enormous. Following termination of 40 year domination by Macau; overseas operators including Wynn Resorts Ltd., MGM Resorts International, Las Vegas Sands Corp. and the ex-Portuguese colony on southern border of China rapidly overhauled the Strip as the leading gambling market of the globe. Profits worth $33.5 billion were collected from gambling from a city of 500,000 people the previous year.

Resorts World Sentosa and the Marina Bay Sands costing over $10 billion in Singapore have opened the way for city to emerge as second-largest gambling market across the globe. As per calculations of the PricewaterhouseCoopers advisory firm, the flow of profits in Asian casino will basically be able to restructure the scene of the international industry. It will also assist Asia to outshine United States as the largest local market of the globe.

As per estimates of PricewaterhouseCoopers, the gambling market of Asia-Pacific will become two fold from $34.4 billion to $79.3 billion in 2010 and 2015 respectively. It will even beat the United States, which is forecasted to develop from $57.5 billion to $73.3 billion during the same span of time. This estimate will be accomplished by a number of proposed projects or which are under construction in the area.

Nagacorp - the Cambodian operator which is the sole operator of casino in the Phnom Penh, the capital of Southeast Asian city proposes launch of hotels and shopping malls worth $369 million by the end of the year. The foremost hotel-casino in Vietnam will be opened in the coming year. Asian Coast Development - the Canadian company is positioned to launch a beachfront compound under MGM’s trademark in the southeast. It will emerge as a segment of tourist development worth $4.2 billion. The residents of Vietnam and Canada are prohibited at casinos.

Arguments over legitimating of gambling in Japan are going for years and now it seems that legislators are just nearing approval of casinos as a means of motivating the financial system and enhance visitors after destructive tsunami and nuclear explosion of the previous year.  However, some people doubt about improvement in financial system by gambling as gambling on boat, horse, bicycle racing and slots is already permitted in Japan. An author and anti-gambling campaigner Ken Wakamiya stated that setting up of casinos in Japan will tear down the country. He considers it to be a crazy and smashing proposal. Identical arguments about gambling are going on in Taiwan. The citizens on the island of Matsu voted for casino positively in July and as a result Taiwan will witness opening of its foremost casino.

The example of Singapore is being taken by a number of countries to initiate gambling in their regions by avoiding its ill-effects simultaneously. Two huge casino-resorts were permitted by Singapore to change the Southeast Asian city-state into a gambling and visitors attraction place. At the same time, the country is taking stringent steps to manage planned offense and gambling obsession in tune with Asia. The country prohibits the Junket operators. The lawmakers are also proposing to increase the amount of penalty fee considerably which is charged from casino operators upon infringement with the rules. At present the local operators are fined 100 Singapore dollars or $81 per day for such an offense. A program to prohibit bankrupt people or such people who get benefits upon admittance into the casino is also being extended by increasing number of such people to 43,000.

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