It has been revealed that the opening of James Packer’s $2.4 billion casino venture in Macau will be delayed by upwards of 3 months as the credit crunch and economic slowdown starts to have a real impact in the Far East. This is the latest in a bout of bad news for the enclave which literally lives off the casino takings of those gambling groups with exposure to the area.
Just a few weeks ago we saw the Chinese authorities make a number of changes to visa requirements and restrictions for those moving around the area. In some areas of China this will see visitors to Macau fall by up to 30%. While it would be foolish to say that Macau is in real danger from the slowdown, this is the first real test of the area and it ability to live off what is there at the moment rather than continually farm out new casino licences to new ventures.
The Far East has always been an area where gambling and especially casinos have been popular. If we are seeing signs of the slowdown in this area of the world then we can only imagine what it may be like in areas such as the US where loyalty to your casino may not be as strong.
It has been revealed that the opening of James Packer’s $2.4 billion casino venture in Macau will be delayed by upwards of 3 months as the credit crunch and economic slowdown starts to have a real impact in the Far East. This is the latest in a bout of bad news for the enclave which literally lives off the casino takings of those gambling groups with exposure to the area.