Macau, the world's gambling capital, is facing a future beyond casinos. With COVID-19 travel restrictions impacting revenue and concerns about overreliance on gaming, the government is pushing for diversification into financial services, traditional Chinese medicine, high-tech, and events tourism.
Customers leave the Venetian Macao casino in Macau at the end of 2019, just before the Chinese territory was hammered by COVID travel restrictions.Giselle Lei isn't old enough to step inside a casino, but casinos have always been part of her life.
Meanwhile, the six multinational casino companies that dominate the economy agreed to invest billions into Macau as a condition of renewing their operating licenses.For decades, Macau has pledged its loyalty to Beijing in exchange for a steady influx of cashed-up gamblers. But the dramatic arrest of a casino owner leaves many wondering what lies in this port city's future.
But the gaming industry really took off after Macau was handed back to China in 1999, restrictions on ownership were relaxed and more operators were granted licences. Sociologist and cultural commentator Jasper Lio said Macau's move to diversify its economy was partly driven by Beijing's desire to "stop so much money flowing into Macau"."So, they want to limit the size of casino industry."But gamblers are still coming to Macau, even if they're not spending as much as VIPs on junkets.
Macau's visitor infrastructure and hospitality workforce will give it an edge in attracting more events.
Macau Casinos Diversification Economy China
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sydney Rail Strikes Threaten Finals Weekend Amidst Plea for CalmAs Sydney gears up for a major sporting weekend with NRL, AFL, and rugby union finals, rail workers' industrial action threatens to disrupt travel plans. Business groups warn of potential economic losses while the government urges both parties to reach an agreement.
Read more »
Bomb Threats Target Springfield Amidst Heated US Election RhetoricFollowing bomb threats forcing evacuations of city hall, schools, and other buildings in Springfield, Ohio, President Joe Biden condemned the escalating violence. The threats are linked to inflammatory rhetoric surrounding immigration from both presidential candidates, with Pope Francis urging voters to choose “the lesser evil” amidst the heated debate.
Read more »
SA Farmers Receive Charity Hay for First Time Amidst 'Green Drought'Farmers in South Australia's Southeast are facing a 'green drought', with historically low rainfall hindering feed growth for livestock. This unprecedented situation has led to the region receiving its first-ever delivery of free livestock feed from Need For Feed Australia, marking a reversal for farmers like Brian Munro who usually contribute hay to the charity.
Read more »
Springfield, Ohio Hospitals Targeted by Bomb Threats Amidst False Claims About Haitian ImmigrantsSpringfield, Ohio hospitals were targeted by bomb threats on Saturday, marking the fourth such incident in four days. Authorities believe these threats are linked to false claims circulating online about Haitian immigrants consuming pets and wildlife.
Read more »
Sharks Chief Pleads For Home Semi-Final Amidst Sydney Code ClashCronulla Sharks CEO Dino Mezzatesta has urged the NRL to allow his club to host a semi-final at PointsBet Stadium, fearing a disastrous scenario of playing against minimal fans due to a clash with a major AFL game.
Read more »
US and UK Tighten Military Cooperation Amidst Growing Iran Nuclear ConcernsUS President Joe Biden and UK Prime Minister Keir Starmer held talks in Washington, emphasizing increased military cooperation amidst concerns about Iran's nuclear ambitions. US officials expressed worries about Iran's growing uranium enrichment and its deepening alliance with Russia, including potential technology sharing for nuclear programs.
Read more »