BUSINESS

Macau economy continues to grow as businesses receive Internet price reduction

TAGs: Macau

MacauMacau’s economy will continue to see strong growth over the 2011/12 financial year. According to a report released by the Economist Intelligence Unit (EIU), Gross Domestic Product (GDP) growth will hit 12% this year and 14% in 2012. The enclave’s economy is almost entirely driven by the biggest land-based casino market on the planet.

The report also estimates that there will be a rise in gross fixed capital investment of 8.5% in 2011 and 8.9% in 2012 after it fell for the past two years. The report does recognize that increased competition from Singapore and Manila may have an effect on the enclave with Chinese high rollers preferring to go there. For the moment though, Macau continues to confound anyone who dare be a critic.

There is also good news for companies who do a great deal of their business on the Internet in the region. National telecoms company CTM announced that they are making a reduction on the tariff of business broadband as of next month. According to Macaubusiness.com, the enclave’s only provider of services will take 30% off the price of its services for business providers. In addition they also announced that the download speed for some plans will be almost doubled for some and it may attract even more business to the area.

Dates for this year’s Asia Pacific Poker Tour leg in Macau have also been announced. The PokerStars.net sponsored event will run from November 17-27. The HK$30,000 (US$3,870) main event takes place from November 23-27 and may better the field of 342 players that arrived for the event last year.

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