Word: macau
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Dates: during 2000-2009
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...most of the past five years, the Chinese gambling mecca of Macau seemed a sure bet. After the local government ended a decades-old gaming monopoly in 2002, some of the biggest casino and hotel operators in the world rushed in with new projects, eager to tap into the hoards of wealthy Chinese who increasingly flocked to the "Asian Las Vegas." The first American company to enter the market was Las Vegas Sands, which opened the Sands Macau casino in 2004 - and earned back its $285 million investment in only a year. U.S. casino mogul Steve Wynn, who opened...
...provide information to foreign tax authorities on request should be published immediately by the Organization for Economic Co-operation and Development (OECD) as part of a clampdown on such havens. China, not a member of the OECD, was stalling because of its concern that such a list might include Macau and Hong Kong, which have both recently moved to implement OECD standards. The U.S. President took Sarkozy aside, then Chinese President Hu Jintao, and finally brought them together in a private meeting at the side of the room. "If he hadn't done that, we'd still be there," remarked...
...world's poorest countries. The World Bank announced yesterday that these remittances to developing countries would likely shrink this year by 8%, after rising 9% in 2008 and 16% in 2007. Nieves Miguelita M. Yabao, from Demaguete City in the Philippines, came to the gambling mecca of Macau during that city's recent construction boom. But when she arrived, she discovered the job she had been promised working at a casino lounge was no longer available. "I haven't been able to send money home," she says. "Home has been sending me money and [my family say] there...
...elegant, because that's not supposed to happen in Vegas, but the Encore exudes elegance right down to the European antiques that decorate some of the lounge areas. There's a separate check-in area for the tower suites that just oozes calm. (Watch TIME's video on Macau's gambling scene...
...Even before Wynn and others moved to Macau, the former Portuguese colony and den of iniquity that is now part of the People's Republic of Gambling, Las Vegas was catering to its Asian clientele. The Encore is no exception. The elevator panel shows the floors climbing to 63, but floors numbered from 40 to 49 are missing, since the pronunciation for the number four in Cantonese and Mandarin is too close to the word for death. Very bad chi. On the life-fulfilling side, the Encore has a 60,000-sq.-ft. spa and gym that caters...