High-rolling casino developer confident Macau will boom
MELCO INTERNATIONAL Development is optimistic that Macau's gambling industry will continue to boom despite competition from other Asian countries such as Singapore, whose prime minister, Lee Hsien Loong, recently terminated a 40-year ban on casinos and is now entertaining proposals for gambling resorts.
Melco, whose core business is gambling and leisure in Macau, believes the 'China factor' will provide a major boost to the SAR's gambling and tourism industry.
'The increasing number of mainland Chinese visitors is definitely going to boost demand for quality gaming and entertainment facilities in the long run. As Macau further develops to become the 'Asian Las Vegas', not only will it attract regional visitors but also visitors from around the world,' said Lawrence Ho Yau-lung, Melco group managing director.
'We have full confidence in the future of Macau. This is a place packed with challenges and opportunities, risks and rewards. With the [mainland] residents' travel restrictions gradually loosening, we believe the consumption power of Macau citizens and visitors will skyrocket in the coming years, directly benefiting the economy,' he said.
About 50 per cent of Macau's GDP comes from gambling and about 25 per cent from tourism.