Casinos could be the next target in China’s crackdown on social vice
In its 22 years under Chinese rule, Macau evolved from a sleepy and slightly sleazy Portuguese colony to the biggest gambling jurisdiction in the world. Fueled by foreign investment, laissez-faire oversight, and billions of gamblers a short flight away, casino revenue on the island reached a high of 363 billion pacatas, or $45.4 billion, in 2013, compared to $10.3 billion in Las Vegas.
Recent signals from Beijing, however, suggest the party may be over.
Lei Wai Nong, Macau’s secretary for economy and finance, announced yesterday (Sept. 14) the government would begin reviewing the casino industry, with an eye toward tightening oversight in areas such as licensing, employee welfare, and daily supervision. This follows proposals to increase the number of casino inspectors from 192 to 459, and previous efforts to regulate illegal lending and cash transfers related to gambling.
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