hong kong

Hong Kong, one of Asia's hottest destinations, hopes to welcome more than 30mn visitors in 2008 as mainland Chinese throng the city's shops and restaurants despite global stock market turmoil.

The tiny city of 7mn has as many visitors a year as Japan, Thailand and Singapore combined but is fending off a resurgent Macau.

It estimates it would take in 30.43mn visitors this year, more than half of those from China.

AP is carrying a story concerning the impact of Macau tourism (and gaming) on that great institution of Hong Kong gaming -- the 124-year-old Hong Kong Jockey Club, whose racetrack revenues are one of the secrets of the territory's economic success.

According to AP, the new competitors are draining away at least $2.4 billion a year in potential betting revenue, or about 20 percent of last year's take.

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Hong Kong and Macau have agreed to negotiate with the mainland government on combining into one the current separate visas for mainland tourists visiting the two cities.

The aim is for mainland tourists, under the Individual Visit Scheme, to travel to both places in one trip, according to Hong Kong Tourism Board chairman James Tien Pei-chun who revealed the plan yesterday.

Hong Kong and Macau are not competitors but partners in tourism promotion, Tien said after meeting with Macau Chief Executive Edmund Ho Hau-wah and Macau tourism officials in the neighboring SAR.

HONG KONG: Hong Kong will not build casinos to compete with its booming neighbor Macau, which recently surpassed the Las Vegas Strip in gaming revenue, an official said.

The remarks came as Singapore is also opening up to casinos. The city-state dropped a ban on casino gambling in 2005.

Speaking to reporters after a banquet held by the hotel industry late Friday, Hong Kong Secretary for Commerce and Economic Development Frederick Ma acknowledged the fast casino growth in Macau posed a challenge to Hong Kong.

On the back of strong economic fundamentals and optimistic outlook, investor sentiment in Hong Kong remained generally positive in the first quarter of 2007. Demand from both investors and end-users persisted, although the volatility in global and local stock markets has led some investors to become more cautious. As for the Macau’s investment market, the booming of the development of entertainment complexes in Macau which commenced in 2003-2004 reached its greatest intensity in 2005.

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