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- Category: Casino News
- Created: Friday, 24 September 2021 12:33
Many investors were surprised about China’s casino crackdown in Macau. As a result, many foreign investors sold off their casino shares. Also, Beijing’s latest move was part of the quest to transform Macau.
The Chinese government has been trying to control the gambling industry that led to the growth of Macau’s economy. At present, its value is around $24 billion. However, the government didn’t like how casinos became a way for China’s elite to spend their money.
The government tried several ways to curb casino spending. For example, they installed facia-recognition technology in ATMs, limited cash withdrawals, and considered using digital currency. Also, the government is planning to dilute Macau’s dependence on gambling.
China’s Casino Crackdown
In 2019, China released a plan for the Greater Bay Area that included Macau, Hong Kong, and parts of southern China. The goal was to transform Macau into a global tourism and leisure hub. Thus, gamblers’ preferred casinos would turn into traditional Chinese medicine parks, convention centers, and sports stadiums.
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