‘Las Vegas of Asia’ tells casinos to grow beyond gambling
BEIJING (AP) — 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 help reduce its reliance on gambling by paying to build theme parks and other attractions. The former Portuguese colony stayed out of business decisions for decades and now is aligning with official strategy on China’s mainland, where foreign companies are required to help pay for the ruling Communist Party’s development ambitions, profitable or not. The licenses of MGM Resorts, Las Vegas Sands, Wynn Resorts and three Chinese rivals that invested billions of dollars in Macao expire in December. Rules released in early July say any that want to operate over the next 10-year period face an added requirement to invest in “non-gaming projects.” Casinos face still more financial pressure after they were ordered to close this week, along with most other businesses, while Macao tries to control a renewed coronavirus outbreak.
‘Las Vegas of Asia’ tells casinos to grow beyond gambling
BEIJING (AP) — 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 help reduce its reliance on gambling by paying to build theme parks and other attractions. The former Portuguese colony stayed out of business decisions for decades and now is aligning with official strategy on China’s mainland, where foreign companies are required to help pay for the ruling Communist Party’s development ambitions, profitable or not. The licenses of MGM Resorts, Las Vegas Sands, Wynn Resorts and three Chinese rivals that invested billions of dollars in Macao expire in December. Rules released in early July say any that want to operate over the next 10-year period face an added requirement to invest in “non-gaming projects.” Casinos face still more financial pressure after they were ordered to close this week, along with most other businesses, while Macao tries to control a renewed coronavirus outbreak.