The booming Chinese gambling enclave of Macau will not issue any new casino licenses in the near future, its leader said Tuesday.
Edmund Ho said the gambling industry has helped stabilize Macau's economy and improve living conditions since it was liberalized in 2002.
"We're now at a stage to review and estimate the development of the industry," he told lawmakers. "We decided not to issue any new casino concessions, including casino sub-concessions."
The government also will not approve any new applications from the territory's 28 casinos for additional gambling tables or slot machines, he said.
The former Portuguese colony opened the doors to Las Vegas-style casinos after it ended a four-decade gambling monopoly held by casino magnate Stanley Ho in early 2002. Since then the territory has handed out six casino licenses to several operators, including Ho.
American Sheldon Adelson was the first outsider to enter the territory's gambling industry, opening the $240 million Sands Macau in 2004. Last August he opened the $2.4 billion Venetian, a Las Vegas-style mega casino-resort complete with Italian gondolas floating down indoor canals.
Other rivals include the $1.1 billion Wynn and the $583.6 million Crown Macau, a joint venture between Australia's Publishing & Broadcasting Ltd. and Hong Kong-based Melco International Development Ltd. The $1.25 billion MGM Grand also opened in December. They all have positioned themselves as high-end casinos.
Macau, the only place in China where casino gambling is legal, is rivaling the entire U.S. state of Nevada in gambling revenue. Last year, casinos in Macau raked in more than $10.3 billion in revenues, according to the government.
Macau, about 40 miles west of Hong Kong, returned to Chinese rule in 1999.
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