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China Supports Macao Gaming Expansion18 February 2002MACAO, China – As reported by the China Daily: "Beijing will support the move made by the government of the Macao Special Administrative Region (SAR) to open the gambling industry and develop it further as a pillar industry, chairman of the Standing Committee of the National People's Congress (NPC) Li Peng said yesterday. "…`It's practical for Macao to focus on the gambling industry to promote the development of its economy,' Li said at a meeting of about 250 local deputies of the People's Congress, members of the People's Consultative Committee and celebrities at the Macao Culture Centre. "…`The move also shows that the gaming industry is no longer seen as a second-rate or unofficial industry, but a mainstream one in Macao,' an industry insider said. "About 60 per cent of the revenue of the Macao SAR's government and 35 per cent of the special administrative region's gross domestic product are generated by casino taxes, totaling about US$6 billion last year. The gross annual revenue of Macao's casinos has ranged from US$12 billion to US$18 billion during the past 10 years…" |