Casino operator Steve Wynn told reporters that the Chinese government is allowing its citizens to go to the gambling enclave of Macau 3 times as frequently as earlier within the year.

Steve Wynn says the limitations the Chinese government placed on travel to Macau are being cut back, allowing a return to more tourists visiting casinos and gambling within the city. Wynn told a news conference that Chinese citizens living in Guangdong, the province closest to Macau, at the moment are permitted to go to once a month, as opposed to once every three months.

Wynn is able to need optimistic views of Macau, as he prepares a $1.6 billion IPO offering equity in Wynn Resorts holdings in Macau. The offer may be made at the Hong Kong exchange, and can finance continued Wyn gambling expansion into Macau, among other needs.

Wynn said the Chinese government made the visa adjustments after reviewing the results the slowdown on tourism had at the Macau economy.

The visa limits were put on Chinese travelers to Macau for several reasons. The absurd rate of growth in Macau before the visa limitations was causing stress to the area's infrastructure and labor pool, which might not stay alongside of the casino expansion.

China also desired to slow the flow of greenbacks from China to the casino operators, several of which can be US companies, including Wynn Resorts.

If Chinese tourist number rise again, Macau casino gambling can expect to peer another wave of gaming projects resumed and completed inside the next several years.

Published on September 23, 2009 by K.C.Carmichael

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