Steve Wynn says the limitations the Chinese government placed on travel to Macau are being cut back, allowing a return to more tourists visiting casinos and gambling within the city. Wynn told a news conference that Chinese citizens living in Guangdong, the province closest to Macau, at the moment are permitted to go to once a month, instead of once every three months.Wynn is able to need optimistic views of Macau, as he prepares a $1.6 billion IPO offering equity in Wynn Resorts holdings in Macau. The offer can be made at the Hong Kong exchange, and can finance continued Wyn gambling expansion into Macau, among other needs.
Wynn said the Chinese government made the visa adjustments after reviewing the consequences the slowdown on tourism had at the Macau economy.
The visa limits were put on Chinese travelers to Macau for several reasons. The absurd rate of growth in Macau before the visa limitations was causing stress to the area's infrastructure and labor pool, which might not stay alongside of the casino expansion.
China also desired to slow the flow of bucks from China to the casino operators, several of which can be US companies, including Wynn Resorts.
If Chinese tourist number rise again, Macau casino gambling can expect to look another wave of gaming projects resumed and completed throughout the next several years.
Published on September 23, 2009 by K.C.Carmichael
Read More... [Source: Macau Casino Gambling News]
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