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Macau gambling: Chinese government eases visa restrictions

9/21/09 - One of the chief non-recession reasons for Macau's slowdown as a major Asian gambling centre has been the Chinese government's curbs on visas, seriously restricting the number of gamblers who could visit the gambling island off Hong Kong.  The good news this week is that the restrictions have been "quietly eased", boosting operator and investor confidence.

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The Reuters news agency reports that Chinese citizens traveling from the populous Guangdong province to Macau are having an easier time obtaining visas, sending casino stocks soaring Monday this week as industry executives bet on record October earnings as a result.
 
The Reuters report claims that the authorities were concerned that citizens were doing too much gambling, and consequently imposed new rules lst year limiting them to two trips a year to Macau.
 
Government officials apparently began easing up on the rule as early as two months ago, and noticeably loosened the restriction at the start of this (September) month.
 
"The latest version is (they can travel to Macau) once a month out of Guangdong," an anonymous casino executive told the news agency. "Gaming revenues for the first two weeks of the month have been good."
 
October holds the promise of further improvement; it is a high travel season for Chinese because of the October 1 Golden Week holiday, and could see record monthly casino revenues following the more relaxed travel restrictions.
 
Macau has rocketed on to the global gambling stage in recent years following reforms earlier this decade that saw an end to a previous monopoly and awarding of licenses to multiple players, boosting competition.
 
The market grew 57 percent in 2007 alone, fueled by a huge influx of mainland Chinese, who now make up about 65 percent of casino visitors.
 
Macau generated HK$105.6 billion ($13.5 billion) in gross gaming revenues in 2008, more than double the HK$46.7 billion generated by the Las Vegas Strip during the same period.
 
More recently a combination of travel restrictions and the global economic recession has seen Macau revenues slump 12.5 percent in the first half of 2009

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Gambling News :

Amaya FY2016 Trading Update - The Montreal-based Amaya online gambling group has issued a trading update covering FY 2016 and improving its forecast revenue and earnings numbers.

Another Mega Fortune Dreams jackpot for Euro 3.5 million - In a statement Friday NetEnt advised that the lucky player is a 62-year-old woman from central Finland who won the seven-figure sum from a Euro 1 stake.

Stanleybet has filed a legal action against the government of Cyprus - Bookmaking firm Stanleybet has filed a legal action against the government of Cyprus, claiming Euro 12.5 million as compensation for what it claims is loss of profits and opportunities, prejudice to image and business reputation and legal costs.

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Optima Information Services iShop - Industry visitors to the recent TVC Bookmakers Trade Fair in Solihull, UK were much taken by Spanish betting technology firm Optima Information Services' iShop product, and the company went on to win the SBC Best Retail Betting Product award with it last month.

Golden Nugget Las Vegas Launches New Betting App - Golden Nugget Las Vegas has unveiled a sports wagering app offering Nevada punters the comfort and convenience of being able to wager from anywhere in the state.

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New Massachusetts Online Gambling Bill - It seems that every two years (give or take a few months) Massachusetts state Senator Bruce Tarr flights an online gambling legalization bill in the state Senate.

Las Vegas Sands Fined for foreign bribery allegations - #lasvegassands Las Vegas Sands, the land casino company owned by multi-billionaire US mogul Sheldon Adelson, has again had to cough up a stiff penalty for non-compliance with the law.

Libratus AI Program Destroying Human Poker Opponents - #Libratus With 40,340 hands played (about a third of the 120,000 planned) Dong Kim is down $29,506, whilst Jimmy Chou ($113,7728), Daniel McAuley ($141,877) and Jason Les ($186,489) are all carrying losses.

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