Growth of Gambling Industry in Macau
Macau casino has progressed very fast than Las Vegas to become most popular gambling market in the world. As a matter of fact, Cotai Strip feature of Macau results in four times of the revenue as caused by Las Vegas strip and their economy is growing continuously in every month. Although many people consider Macau as successfully growing gambling industry, but others have different perception about it. They consider that Macau region is growing quite slowly and not fast as it can. Because of these two different view points among the people, it becomes important to have a detail study about the problem arising in the path of Macau’s slow growth in gambling industry.
Lack of Availability of Manpower
Macau city consists of 550,000 residents who were living inside area of 12 square- mile. The country of China has 33 different casinos, where some of them require about 10,000 manpowers for proper operation. Moreover, there are many companies all over the world, who are still on waiting list for building giant casinos in the city.
Seriously, this is creating a severe problem of lack of manpower in the sector of gambling industries. By facing this problem, governments of Macau city are not allowing foreign workers to work in their casinos and mostly the people of Macau city are not willing to entertain foreign workers in their area because they are not willing to increase the competition for jobs there.
Also, not only casinos get affected by the scarcity of manpower, but businesses in the country will also have to struggle very hardly to have sufficient manpower with them. This is because most of the employees working in these business firms are switching to casinos. As casinos are increasing salaries of their personnel, for hiring brilliant candidates to work with them, so clothing stores, restaurants, bars, and many other businesses have to struggle for getting capable workers with them.
This problem of staffing can not be able to solve until and unless the casino owners give more importance to the hiring of foreign workers to work in their casinos. However, government, in order to solve this problem, has given some allowance for increasing personnel in spite of objections made by the people of city.
Problem of Inflation Rate in Macau city
Apart from the problem of scarcity of available personnel or workers in Macau area, there is also another problem, which is coming in the path of success of Macau in Gambling industry. This problem is housing market, in which prices of houses go on increasing along with the increase in demand of them. Thus, foreign workers, who finally decide to settle in the city, have to face with the problem of finding reasonable housing for them in future.
The problem of housing become more complicated as this results in causing great problem of inflation just from few years before. Inflation rate of Macau is 6 % at present and it also keeps on increasing very rapidly. Also, since casino owners are increasing salaries for attracting the qualified workers to work there, so instead of overcoming with inflation, the problem of inflation in Macau become more and more complicated.
Slow growth of Macau’s economy
Macau’s economy, during the middle of 2000, had increased remarkably and this increase in economy was expected to remain for long time. However, during this, some incidents like down fall of stock prices, decrease in gambling revenues etc. occur, which ultimately results in slow growth of economy of Macau city. But, perhaps, this is the best thing happened in the city because this problem results in some of the main problems faced by the country.