Macau Casino Operators Suffer Under Chinese Corruption Crackdown
The earnings of Macau’s six biggest casino operators have fallen by 40% in the first half of this year following Chinese president Xi Jinping’s crackdown on corruption in the region.
The casinos have reported combined first-half earnings of just over $3 billion, down from just over $5 billion during the same period last year. VIP gamblers from mainland China have been shunning the region following the new anti-graft measures and it is thought that this is likely to continue for some time.
To try and counter this effect the Macau government has relaxed its visa rules regarding mainland visitors and there is also talk of easing a proposed smoking ban. Furthermore, many of the operators are planning on expanding their offerings, such as a $3.2 billion extension of Galaxy’s Macau casino resort with new entertainment and shopping facilities.