This post may contain affiliate links. We may earn money or products from the highlighted keywords or companies or banners mentioned in this post.
December 4, 2014
The Daily Telegraph, December 4, 2014
Beijing has warned Macau that it must end its reliance on the casino industry, which now employs more than half the former colony’s population.
Macau has become the undisputed gaming capital of the world, with revenues rising from less than £300 million in 2002 to £28 billion last year, seven times more than the Las Vegas Strip.
Some predict that Macau’s neon, crystal and gold gambling palaces could earn £66 billion by 2020, roughly equivalent to the GDP of oil-rich Angola.
However, the casinos have brought with them an explosion in human trafficking, prostitution and organised crime and are enticing young Macanese away from careers in nursing and teaching.
Beijing, which has spent this year squeezing the casinos to find out which corrupt officials are laundering their cash through the city, is now keen to change Macau’s image .
“The overwhelming dominance of gambling in Macau is not in line with the overall interest of Macau,” said Li Fei, the chairman of the Macau Basic Law Committee.
Mr Li was speaking ahead of a trip to Macau by Xi Jinping, the Chinese president, to celebrate the 15th anniversary of the former Portuguese colony’s handover to China.
“The fact that Macau’s economy, especially gaming, is closely connected with the mainland determines that when one judges the overall interest of Macau, one cannot focus only on Macau’s economic growth and tax revenue,” Mr Li added.
“One must take into account the socioeconomic safety, stability and developmental interest of the mainland and the whole nation.”
The signal from Beijing sent shares in casino companies tumbling, with Wynn Macau falling more than six per cent.
Perhaps aware of the changing winds, Macau has laid out a strategy to follow Las Vegas into more family-oriented entertainment.
Karl Lagerfeld, the Chanel designer, has announced he will design a 270-room hotel, while the Rolling Stones have played at the Sands China casino. David Beckham has also been signed up as a “regional ambassador”.
This article was from The Daily Telegraph and was legally licensed through the NewsCred publisher network.
What do you think of this $type?
Powered by WPeMatico
