Casino operator Steve Wynn told reporters that the Chinese government is allowing its citizens to visit the gambling enclave of Macau three times as frequently as earlier in the year.

Steve Wynn says the restrictions the Chinese government put on travel to Macau are being cut back, allowing a return to more tourists visiting casinos and gambling in the city. Wynn told a news conference that Chinese citizens living in Guangdong, the province closest to Macau, are now permitted to visit once a month, rather than once every three months.

Wynn is in a position to need optimistic views of Macau, as he prepares a $1.6 billion IPO offering equity in Wynn Resorts holdings in Macau. The offer will be made on the Hong Kong exchange, and will finance continued Wyn gambling expansion into Macau, among other needs.

Wynn said the Chinese government made the visa adjustments after reviewing the effects the slowdown on tourism had on the Macau economy.

The visa limits were placed on Chinese travelers to Macau for several reasons. The absurd rate of growth in Macau before the visa limitations was causing stress to the area's infrastructure and labor pool, which could not keep up with the casino expansion.

China also wanted to slow the flow of dollars from China to the casino operators, several of which are US companies, including Wynn Resorts.

If Chinese tourist number rise again, Macau casino gambling can expect to see another wave of gaming projects resumed and completed within the next several years.

Published on September 23, 2009 by K.C.Carmichael

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