May 1, 2008Macau received 7.5 million visitors in the first quarter of 2008, which was a rise of 17.9 percent against the same period of 2007.
The number of visitors from mainland China was 4.38 million, which was a rise of 22.6 percent, while the number of visitors from Hong Kong and Southeast Asia rose 3.3 and 63.3 percent, respectively.
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April 29, 2008The peg of the pataca to the Hong Kong dollar is an established policy of the Government and will not be changed for a long time, the Chief Executive, Mr Edmund Ho Hau Wah, said when he attended a plenary session of the Legislative Assembly this afternoon.
Mr Ho, who was answering legislators’ questions, said he understood that the increasing exchange rate of RMB had stimulated inflation; however, the pataca’s link exchange rate relationship with the Hong Kong dollar will not be changed in order to maintain financial stability.
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April 28, 2008More than one rally which were originally planned to be staged on May 1 demanding measures to tackle illegal workers as well as soaring living costs could be called off after the Chief Executive announced the two-billion pataca subsidy for Macau residents on Tuesday, reports Macau Daily Times.
According to lawmaker and chief member of the New Macau Association, Au Kam San, the latest government announcement of distributing a one-time 5,000 pataca or 3,000 pataca subsidy to every permanent and non-permanent resident in July did “cool down the May 1 rally sentiment”.
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April 25, 2008Macau’s financial health is solid although there are some risks that make the territory vulnerable to external shocks, according to US ratings agency Moody’s Investors Service.
“Macau’s solid fiscal position has produced considerable public sector surpluses over the past five years and because it does not have any public debt that needs to be repaid, its budget surpluses are all saved,” said Steven Hess, senior credit analysts of Moody’s sovereign risk unit.
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March 30, 2008The world economy remained strong in the first three quarters of 2007, but the momentum tended to slowdown in the fourth quarter; however, the economy of Macau was not much affected due to the support from Mainland China. Driven by the rapid development of the gaming and tourism sector, investment surged substantially and local consumption remained robust; as a result, the economic growth for 2007 was far higher than 2006.
GDP of Macao for 2007 was estimated at US$19.20 billion, up by 27.3% in real terms and the per-capita GDP amounted to US$ 36,357. GDP for the fourth quarter of 2007 recorded an increase of 22.1% in real terms; meanwhile, the rates for the first and second quarters were revised downward from 25.7% and 31.6% to 25.2% and 30.8% respectively, but that for the third quarter was revised upward from 30.9% to 32.2%; for 2006, the rate of growth maintained at 17.0%.
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March 13, 2008The Macau government announced that it is making available US$ 101 million for a string of financial support measures to alleviate the impact of inflation among the territory’s most needy citizens.
Inflation in Macau hit 8.3 percent in January, the highest level recorded since 1999.
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March 12, 2008Macau’s gaming revenue for this year is expected to see a double-digit increase, the total of which will reach US$12.5 billion, said Lau Pun Lap, member of the Legislative Assembly.
He estimated that this year’s gaming revenue growth will be lower than last year, but as industry development keeps its momentum, a double-digit increase can be sustained this year. Please tell me more! »
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March 9, 2008The activities of Macau’s gangsters, or triads are being kept in check by a plentiful market and the watchful eye of the Mainland government, according to a local university professor, reports Macau Daily Times.
Underworld figures that operate in casinos are being careful not to step out of line in fear of retribution from the Mainland government, Eilo Yu, assistant professor from the University of Macau’s (UM) department of government and public administration said yesterday.
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