87
It was like a domino effect
ran out of money to pay their 2008 fell to MOP24.08 billion corded 54 percent growth. Af-
- the huge explosion in credit
costs and salaries. Their cash while during the third quarter ter the implementation of the
lines given by casino opera-
flow stopped,” she concludes. revenues reached MOP26.2 restrictions, the bankruptcy
tors to junkets in Macau, start-
In January, gaming rev- billion, against MOP30.1 bil- of 11,000 Guangdong facto-
ing at the beginning of 2008 -
enues in Macau recorded a 14 lion in the first three months ries and the beginning of the
was followed by an incredible
percent tumble, seven months of 2008. financial and economic crisis,
growth in gaming revenues
after the implementation of It is worth recalling that at the end of 2008, revenues
and ended when 11,000 fac-
Beijing’s visa restrictions. in the first eight months of only “grew’’ 30 percent when
tories in Guangdong Province
Fourth-quarter revenues for 2008 the gaming sector re- compared to 2007.
filed for bankruptcy.
Around the same time
- in the last quarter of 2008 -
the mainland’s restrictive visa
policy came into force.
The coincidence of these
three factors, although ap-
parently independent of each
other, the gaming official
says, indicate they could be
related.
“Everyone in need of
credit to gamble was able to
get it, whether it was the own-
er of a company, a manager
or a worker dealing with cash
in the company – all of them
were able to access credit
from the casinos and VIP
operators, and many among
them were mainland govern-
ment officials,’’ she says.
“The way I see it is that a
lot of people, able to get credit
lines here, were stealing or
getting money from these
factories. 11,000 closed in six
months leaving millions out of
work. A component of the se-
rious recession Guangdong is
facing today comes from this.
And this is the heart of indus-
trial development in China!.
“This is the reason why
right now we are breathing
clean air,’’ the gaming official
says.
Global timeframe
When the factories closed
down in Guangdong the slow-
down in the US economy had
not become a proper global
contagion. In Japan, the big
slowdown in exports hap-
pened in January.
“The Guangdong facto-
ries did not close because there
were no buyers for their prod-
ucts. They closed because they
april 2009
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