Macau won't approve new casino projects
Francis Tam, secretary for economy and finance, told Macau legislators Tuesday the government is able to control the pace of gaming industry expansion to promote its healthy and orderly development, as gaming revenue continues to soar.
"Those casino developments that have already been approved may continue to complete their construction. All those that haven't been approved or haven't applied for approval have already been halted," Tam said. "So within the next three years, casino tables will only reach 5,500." He said there are now around 5,000 casino tables in Macau.
Tam said the casino industry's development in the last few years has become much more orderly, with an annual growth rate of around 4%-5%, compared with much bigger increases in capacity from 2003-2006.
He said the government's goal is to develop Macau into a leisure and entertainment destination, with the casino industry playing only a supporting role.
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