Customers leave the Venetian Macao casino in Macau at the end of 2019, just before the Chinese territory was hammered by COVID travel restrictions.Giselle Lei isn't old enough to step inside a casino, but casinos have always been part of her life.
Meanwhile, the six multinational casino companies that dominate the economy agreed to invest billions into Macau as a condition of renewing their operating licenses.For decades, Macau has pledged its loyalty to Beijing in exchange for a steady influx of cashed-up gamblers. But the dramatic arrest of a casino owner leaves many wondering what lies in this port city's future.
But the gaming industry really took off after Macau was handed back to China in 1999, restrictions on ownership were relaxed and more operators were granted licences. Sociologist and cultural commentator Jasper Lio said Macau's move to diversify its economy was partly driven by Beijing's desire to "stop so much money flowing into Macau"."So, they want to limit the size of casino industry."But gamblers are still coming to Macau, even if they're not spending as much as VIPs on junkets.
Macau's visitor infrastructure and hospitality workforce will give it an edge in attracting more events.