(GENT.KL) and Las Vegas Sands.
The proposals would mirror similar actions by governments around Asia and worldwide, which see sports such as car and horse racing as ways to generate new economic activity by soaking up dollars from local and international tourists.
As a result, Macao overtook the iconic Las Vegas Strip in terms of gaming revenue in 2006.
An expansion of gambling licenses in the former Portugese colony of Macao, now a part of China, has seen the industry there take off, with global players like Las Vegas Sands (LVS.N) and Wynn Resorts (WYNN.O) setting up casinos in the market.
The Taiwan Executive Yuan could introduce a plan as early as June to develop horse and car racing facilities in the southern part of the island, the United Daily News and Liberty Times reported, citing a member of the economic planning and development council.
The plans in Taiwan would mirror similar developments, particularly in gambling, that have seen several major projects take off in the region over the last few years.
Under preliminary plans, the first horse racing track would be located in the relatively poor Yunlin County, with the horse racing track to be either in Chiayi or Pingtung.
Since a horse-racing facility, which would include wagering, would require changes to laws, construction would more likely begin first for the car racing project, according to the United Daily report.
. Taiwan has talked in the past about setting up gambling facilities in some of its smaller islands in a bid to foster local economic development. But those plans have yet to yield concrete results.
TAIPEI, April 6 (Reuters) – Taiwan is crafting plans to set up a speedway and horse racing track in a bid to spur economic growth in the less-developed southern portion of the island, local media reported on Friday.
Singapore has also embarked on a plan to open two gaming facilities in the city-state, granting licenses to build multibillion-dollar resorts there to MaLaysia’s Genting Bhd
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