Friday 18 January
Feb 3, 2018 @ 10:59

Macau threat: China plans to allow gambling on Hainan island


Beijing is considering plans to allow gambling on Hainan island and end a long-standing ban in China, which could open the way for casinos in the province and threaten Macau’s lucrative gaming industry, Bloomberg reported Friday.

Chinese government agencies meeting under a reform committee headed by President Xi Jinping are considering licensing online games, lotteries and sports betting in the southern island province, the financial news agency said, citing unidentified people close to the matter.

It would be a historic turnaround for the communist government which has long strictly banned all forms of gambling in mainland China and comes against the backdrop of its massive campaign against corruption.

The proposal, which is still in preliminary discussions, could legalise gambling only in Hainan province, a tropical island off the south coast, and over the longer term open the door to development of physical casinos there, Bloomberg said.

Such a development would be part of a programme of reforms designed to attract more visitors to the island, where many tourist infrastructure projects are under way.

Development of a gaming industry in Hainan would create a new rival for semi-autonomous Macau, the only part of China were casino gambling is legal and the world’s largest gaming market, dwarfing Las Vegas.

Macau’s revenues took a hit after Xi declared his war on graft in 2014, with many mainland big spenders staying away from the enclave, which had gained a reputation as a centre for laundering illicit money out of China.

Casino giants have since launched a slew of new mega-resorts, offering everything from fine dining to theme parks as they look to attract mass-market gamblers to compensate for the fall in high rollers.

The gamble appears to have paid off as Macau’s gaming revenues soared 36 percent year-on-year in January.

But allowing casinos in Hainan could threaten the prosperity of Macau, depriving it of some of its customers.

Shares in Macau casino giants Sands China, MGM China and Wynn Macau slid more than six percent during intraday trading in Hong Kong on Friday following the Bloomberg report.


? Agence France-Presse

Please follow and like us:

Tags: , , , , , , , , , , , , ,

Related Stories
China will continue market reforms and open its doors to the world in the face
China's top policymakers Friday signalled more support for the economy next year with tax cuts
China's richest man Jack Ma, NBA star Yao Ming and foreign guests were among 110
China has agreed to cut tariffs on autos imported from the United States, and resume


Trending News

Recommended on sister sites

Copyright © 2019 Bilyonaryo - Latest news on the richest Filipinos and Family Business.