💰 Macau economy surges as mainland gamblers crowd casinos

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Macau gambling king Stanley Ho dies aged 98

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Asia Tonight: News in brief May 26

Top China News. It will open its own store this year. Macau's image however is tarnished by corruption. On an early evening ferry to Hong Kong, Italian businessmen chat in the front row of business class alongside Hong Kong executives. Its transport minister was arrested last year for allegedly accepting bribes. The overall lack of resources is frustrating investors. More than 10 million mainlanders flocked here last year, half of total visitors. Tourism has nearly doubled since as Beijing has allowed freer travel to the former Portuguese colony, a square-kilometre enclave on China's southern tip, an hour's boat ride from Hong Kong.

Casino tycoon trainers are dressed in jeans and trainers, but an abundance of luxury brand shopping bags reveal their rising spending power. Such fast-paced growth, however, is creating challenges, notably a labour shortage and lagging infrastructure, analysts say.

Last year saw the opening of Fisherman's Wharf, a retail and leisure development, while The Venetian will imitate a slice of Venice's Baroque splendour, complete with canals and gondolas, and house a 1. Hong Kong think-tank Political and Economic Risk Consultancy says gambling money read more into Macau -- which reverted to Chinese rule in -- could be seriously hurt if Casino tycoon trainers were to mount an effective anti-corruption campaign.

Chinese consumers and gaming liberalisation have made Macau one of the fastest-growing economies globally, overtaking Las Vegas last year as the world's most lucrative gambling resort.

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Local tycoon Stanley Ho pioneered Western-style casinos after winning a monopoly concession in the s but liberalisation in the past few years has ended his dominance as foreign casino operators have rushed in. But in five to 10 years they'll know the risk of losing," said Kenneth Hsia, a businessman from Taiwan who visits Macau regularly. Ferries between the cities are crammed and more infrastructure is needed, including a long-delayed kilometre bridge link with Hong Kong and Zhuhai in south China, analysts say. There are signs though the city is looking beyond gaming, which in recent years contributed 50 percent of economic growth. Local media report the casino industry will require 50, croupiers by That's 10 percent of Macau's population.