Sue DaJi's Original Blog
Nations Bow to Gambling
Gambling Tales claims that banning casinos would cause black market to flourish or drive gamblers to casinos in a neighboring country in the article "Nations Bows to Gambling". On Chinese soil, gambling is legal only legal in Macau but China would not sanction their own citizen gambling on their soil. Corruption blitz had been carried out at Macau to rid the activity on their sovereignty.
Corruption Crackdown Affected Gambling and Luxury Malls
SavySeph's blog on Tumblr covered the news on the Chinese anti-corruption crackdown of gambling in Macau and shopping outlets specialized in luxury good in Hong Kong to rid the stench of corruption from the land. Here is a reblog of SavySeph.
Reblog Savy Seph
Beijing’s intensifying crackdown on corruption is hitting the VIP rooms at Macau casinos and luxury shopping malls in Hong Kong hard, the Wall Street Journal reported on 1 Aug 2014. “This anticorruption crackdown in China is much more widespread and deeper than the VIP community had anticipated and as a result there could be prolonged weakness in the market,” said Union Gaming Research analyst Grant Govertsen.
Sales of luxury goods fell by nearly a third in the second quarter, including a 40% decline in April. With Beijing monitoring conspicuous consumption and capital flight closely, it would not be kool to be seen buying diamond-encrusted watches or punting millions at a baccarat game.
A New Playground
XingCai a tumblr user commented that these Chinese gamblers will find a new play ground soon. I have just found the news about their new playground as reported by Sidney Morning Herald on 17 Sep 2014. Junket operators, which organise casino trips for wealthy Chinese VIPs, are bringing those gamblers to other locations such as Australia, Europe or the US, according to Credit Suisse analysts Kenneth Fong and Isis Wong.
Viva Las Vegas
Casinos' revenue on the Las Vegas Strip has increased 3.7 per cent to $US3.7 billion ($4.1 billion) in the year to end-July, driven mainly by a 14.4 per cent jump in baccarat revenue, according to Robert Shore, a Las Vegas-based analyst at Union Gaming Group. This indicates "an inverse correlation" with the weaker performance from high rollers in Macau, he said in an e-mail. "Las Vegas is a brand that is clearly world-renowned and that people continuously want to come to," Dan D'Arrigo, Chief Financial Officer of MGM, said via telephone when asked about Chinese gamblers.
My Comments
People will not stay unfulfilled for long. They will eventually find substitute.
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