The American casino giants that helped make Macao the “Las Vegas of Asia” are losing money due to COVID and travel restrictions.
FILE - Attendants conduct play with the visitors over a Black Jack gaming table during the Global Gaming Expo Asia in Macao, May 23, 2013. Losing money due to COVID, the American casino giants that helped make Macao the"Las Vegas of Asia" face a fresh challenge: The tiny Chinese territory wants them to reduce its reliance on gambling by building theme parks and other tourist attractions.
The territory of 700,000 people crowded onto a 30-square-kilometer peninsula jutting into the South China Sea near Hong Kong is the biggest global center for gambling but is under pressure from Chinese President Xi Jinping’s government to rely less on its dominant industry. Pressure for change comes as Macao faces growing competition for potential non-Chinese gamblers from casinos in Singapore, Malaysia and Cambodia.
Annual revenue from slot machines, dice tables and other games peaked at $45 billion in 2013. That was equal to $65,000 for each man, woman and child in Macao and more than triple Nevada’s 2021 revenue of $13.5 billion.
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