Tuesday, 2 November 2010

Fact of the Day: Taking a Gamble than Socking Money Away

Hanging out at the casino tables... and spending money -- lots of it
There is an interesting correlation between Macau's gambling tables and China's bank deposit rates.
Last month high-rollers to Macau's casinos set a new record of gambling away 18.87 billion patacas, up 49.8 percent from a year ago, and 23.3 percent from September, according to figures released by the Gambling Inspection and Coordination Bureau.
The whopping amount was more than 11 percent better than Macau's previous record of 17.07 billion patacas set in May.
To put it into perspective, the October amount was more than four times the $567.98 million reaped in Las Vegas in February, the casino capital's best month so far this year.
Meanwhile, last month Beijing raised benchmark one-year deposit rates to 2.5 percent from 2.25 percent. But that wasn't enough to offset inflation which was 3.6 percent in the 12 months to September. So the real interest rate on mainland bank deposits is minus 1.1 percent.
So it's no wonder many are choosing to put their bets on the baccarat tables.
Or are mainland Chinese people even more flush with cash these days?
The real winners are the casino operators, hitting the jackpot practically everyday.

1 comment:

  1. that is one good way to launder black money from the motherland. hopefully it is 100% going to the u.s.