Macau has become the gambling capital of the world. It has surpassed Las Vegas, and most recently, doubled Sin City in revenue.
The government, however, has said that there will be no further expansion of casino gambling in the area. They have put a freeze on issuing any future casino licenses.
They also have decided that they will not be allowing any of their current casinos to expand. For the casino owners, that means no more slot machines or additional tables games.
“We’re now at a stage to review and estimate the development of the industry. We decided not to issue any new casino concessions, including casino sub-concessions,” said Edmund Ho, to lawmakers.
The news that no more expansion would be taking place was bittersweet to current casino owners. They may be upset that they will not be able to expand their own casinos, but they are also happy that no new licenses will be issued.
Internet Gambling Bill Once Again Focus Of House Members
Representative Barney Frank has been outspoken in his efforts to make changes to the Unlawful Internet Gambling Enforcement Act. He believes the way to deal with Internet gambling is to regulate the industry.
His latest move was to introduce legislation that would stop the federal government from imposing regulations on financial institutions. In the regulations, the financial institutions would have to police themselves when dealing with online gambling.
Frank, along with Representatives Peter King of New York, and Luis Gutierrez from Illinois, have sent a letter to members of Congress, expressing their views, and seeking support.
“Given the many other priorities that are pending at your agencies…we believe it would be imprudent for you to devote additional agency resources to this Sisyphean task,” the group wrote in letters to members of the Federal Reserve and Treasury.
They also advised that creating regulations for the Bill would be a waste of time, since their are Bills being proposed that would regulate online gambling, thus making the UIGEA obsolete.
In recent hearings on the UIGEA, many experts testified that it would put a heavy burden on financial institutions if they had to police themselves. Members of the American Bankers Association, Financial Services Roundtable, Wells Fargo, and the Credit Union National Association were some of the groups that testified at the hearing.