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China Launches Gold Vending Machines

China, already the world's second largest bullion consumer, has installed the country's first gold vending machine in a busy shopping district in Beijing, state media said on Sunday.

Shoppers in the popular Wangfujing Street can insert cash or use a bank card to withdraw gold bars or coins of various weights based on market prices, the People's Daily said on its website.

Each withdrawal is capped at 2.5 kilograms (5.5 pounds) or one million yuan (about $156,500) worth of gold, the report said.

Gold vending machines already exist in Britain, the United States, the Middle East and Europe.

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Singapore 'to Overtake Vegas' as Gambling Hub

Breitbart |  Singapore is set to overtake Las Vegas as the world's second-largest gambling hub this year, a US gaming industry head said Tuesday, as Asia cements its place as a major betting market.

Singapore has emerged as Asia's hottest new gambling destination with a revamped cityscape and billions of dollars pouring into the economy, after the opening of two resort casinos in 2010.

The strong growth came after Macau—the world's biggest gaming hub—leapfrogged Las Vegas in gaming revenue and continues to post record-breaking growth, thanks to burgeoning numbers of wealthy Asians.

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US Casino Mogul Says Wynn Now 'Chinese Company'

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Breibart | American casino mogul Steve Wynn said Tuesday that his US-based gaming firm has become a "Chinese company" as it held its first annual meeting in Macau, now the world's biggest gaming hub.

Wynn Resorts Ltd. was splitting its headquarters between Las Vegas and Macau, the billionaire executive said, with the company's revenue increasingly tied to soaring growth in the former Portuguese colony.

Macau posted $23.5 billion in gaming revenues last year, outpacing the Las Vegas strip by at least four-fold. Much of the eye-popping figure is tied to high-roller gamblers from mainland China flooding into the southern territory—the only place in China that allows casino gambling.

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Photo Courtesy of Wynn Las Vegas

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