I've found a company that's just reported growth of 47.5% in the second quarter and 36% for the full first half over last year's revenues. Admittedly SARS was a factor. However there's an even greater factor: de-regulation.

Macau's gambling sector grew 80.3% in the quarter and spending by tourists outside of gambling grew by 133%. Macau saw the arrival of 51% more visitors in the year to July, totalling 9.25 million visits. The Government raked in an extra 8.8 billion pactacas (US$1 billion) in revenue, up 45% over last year, from it's 35% tax on gross gambling revenue. Perhaps the HK Jockey Club should stop bleating about its continuing decline in revenues and begging the Government for tax breaks and start thinking about dealing with the competition that is coming from Macau. And perhaps the SAR Government could learn from Macau's example in degregulation and the positive effects it has had.