Macau could be In for an Epic Fall
Today Macau is undoubtedly recognized as one of the gambling centers of the world. With millions of gambling enthusiasts traveling there to try their skills around Macau’s numerous casino tables and prestigious private gambling VIP rooms.
The city became one of the symbols of the Chinese economic boom and is often described as one of the few truly amazing success stories in gambling history. Macau’s growth on average has been around 19% for the last decade and in 2006 the city managed to overtake Las Vegas in casino revenues. In addition, Macau boasts success stories such as that of Sands Macau which managed to pay for its $265 million construction costs in the first year following opening.
However, it looks like Macau’s lucky star might be beginning to fade.
In one of the most scandalous events in gambling history one of the city’s major high-stake promoters, the Kimren group, decided to disappear from the city taking with it $1.3 billion of the company’s money.
Since the Kimren move in April this year many have followed suit and publicly traded junkets reportedly declined 11%. Many fear that the Kimren exit signifies the beginning of the end for Macau and the unprecedented economic soar will be matched with an equally rapid fall.