Macau Told To Diversify Away From Gambling

Macau Told To Diversify Away From GamblingBeijing’s ongoing crackdown on corruption, money laundering, and visa restrictions has seen the casino market shrink for six consecutive months in China’s only gambling resort of Macau, and in November revenues fell by 19.3% to $3.04 billion, its lowest total in two years.
Now Macau is facing even more challenging times ahead after Beijing has told the island resort to end its reliance on casinos, and to diversify its economy away from gambling, including offering more family oriented entertainment. The remarks were made by Basic Law Committee chairman Mr Li (photo), who was in Macau this week as part of a seminar on Macau’s Basic Law, and interestingly marked the first time a Chinese official has linked the importance of economic diversification in Macau to mainland China’s overall interests. As Mr Li explained:
“The government should not focus on economic growth and tax revenue alone when looking at Macau’s overall well-being, given the close connection between its economy, especially the gaming sector, and the mainland. It must think from the perspective of China’s economic and social stability and development.”
In 2002, Macau generated £300 million in revenues, but by 2012 that figure had sky rocketed to £28 billion, with some analysts predicting revenues to rise to £66 billion by 2020. Currently, the island’s 35 casinos provide Macau with 83.5% of its total revenues, but the gambling industry has also brought an explosion of social ills, including human trafficking, prostitution and organised crime. Furthermore, the gambling market now employs over half of Macau’s population, and has been blamed for drawing young Macanese away from pursuing careers in teaching and nursing.
Beijing is now eager to improve Macau’s image, and after the Basic Law Committee chairman’s comments this week, casino shares took another tumble with all six of the Macau’s casino operators reporting a drop in stock prices of between 2% and 6%.

Poker News
Mississippi Casinos Post Record Revenue in April as Sports Betting Beckons
04 Jun 2018
Mississippi’s casinos generated gross gaming revenue of $184 million in April, or 5% more compared to the same month in 2017. Furthermore, that total represents an all-time high for the state, and is 1.3% more than the previous record set in 2007 when thousands of volunteers entered Mississippi to assist in cleanup efforts post-Hurricane Katrina.
Switzerland Prepares For June 10th Legalized iGambling Referendum
04 Jun 2018
On June 10th, Switzerland will hold a national referendum to decide whether the ‘Money Gaming Act’ passed by the Swiss Parliament in September 2017 can be implemented next year in its present form. The piece of legislation paves the way for land-based casinos and local partners to offer legalized online gambling in Switzerland, although a
MGM Resorts International Buys NY's Empire City Casino for $850 Million
02 Jun 2018
Real estate and entertainment conglomerate MGM Resorts International has revealed that it’s embarking on a purchase of Empire City Casino, a slots and pari-mutuel wagering venue located in Yonkers, N.Y., just a few miles north of Manhattan. The deal was announced May 29 in a press release, and is expected to be completed near the
Delaware to Launch Full-Scale Sports Betting on June 5th
02 Jun 2018
Last month’s decision by the US Supreme Court to overturn the sports betting ban in the country has opened the floodgates for individual states to legalize and regulate sports wagering within their borders. Before its decision was even made, though, a number of states had already put in place the necessary legislation in order to