Ibrah1234
02-07-14, 19:24
Macau overtakes Switzerland in income tables
By Demetri Sevastopulo in Hong Kong
©EPA
Macau has leapfrogged Switzerland to become the world’s fourth richest territory per person, according to the World Bank, thanks to the influx of mainland Chinese gamblers and tourists.
The former Portuguese colony recorded per capita gross domestic product of $91,376 in 2013, behind Luxembourg, Norway and Qatar. The Chinese territory overtook Switzerland – where on average each person earned $80,528 – with an 18.4 per cent jump that was driven by buoyant gaming revenues.
Since Macau was returned to China in 1999, its economy has grown 557 per cent as the territory of 607,000 people has been transformed into a gambling mecca.
The most dramatic expansion has come since the Chinese territory scrapped a monopoly gaming concession in 2002 and awarded casino licences to six operators that include Sheldon Adelson’s Sand’s China, Wynn Macau and Stanley Ho’s SJM.
In 2013, Macau posted gaming revenues of $45bn – more than seven times Las Vegas – continuing a dizzying rise that has pushed unemployment down to 1.7 per cent. The bulk of the money comes from mainland Chinese punters visiting Macau, the only place in China where casinos are legal.
Lees meer... (http://www.ft.com/cms/s/0/df9039ec-01aa-11e4-bb71-00144feab7de.html#axzz36KvrmyUX)
By Demetri Sevastopulo in Hong Kong
©EPA
Macau has leapfrogged Switzerland to become the world’s fourth richest territory per person, according to the World Bank, thanks to the influx of mainland Chinese gamblers and tourists.
The former Portuguese colony recorded per capita gross domestic product of $91,376 in 2013, behind Luxembourg, Norway and Qatar. The Chinese territory overtook Switzerland – where on average each person earned $80,528 – with an 18.4 per cent jump that was driven by buoyant gaming revenues.
Since Macau was returned to China in 1999, its economy has grown 557 per cent as the territory of 607,000 people has been transformed into a gambling mecca.
The most dramatic expansion has come since the Chinese territory scrapped a monopoly gaming concession in 2002 and awarded casino licences to six operators that include Sheldon Adelson’s Sand’s China, Wynn Macau and Stanley Ho’s SJM.
In 2013, Macau posted gaming revenues of $45bn – more than seven times Las Vegas – continuing a dizzying rise that has pushed unemployment down to 1.7 per cent. The bulk of the money comes from mainland Chinese punters visiting Macau, the only place in China where casinos are legal.
Lees meer... (http://www.ft.com/cms/s/0/df9039ec-01aa-11e4-bb71-00144feab7de.html#axzz36KvrmyUX)