Macau did something that Atlantic City and other areas could not do. They overtook Las Vegas as the gambling capital of the world, and they did it in a short period of time. Now, their gambling empire is falling just as fast as it rose.
The Chinese government is at the base of all of the destruction. They openly welcomed US companies to build big casino resorts in Macau. Then, when business was booming, they changed their minds about the whole operation.
The government has made it more difficult for people to travel from the mainland of China to Macau. The mainland is where the majority of the gamblers were coming from, and since new laws have been in effect, Macau has seen a drastic drop off in customers.
“What the Chinese government did was basically trick Las Vegas companies into coming over and building these big, beautiful casino resorts. Then, when they had the full attention of the world, they changed their laws to keep people on the mainland,” said Gregory Hickson.
In defense of the Chinese government, they felt that the people of their mainland should be spending their money at home. The economy worldwide is tough enough and the Chinese government believes their residents should help the local economy, not that of the US.
With new laws in place restricting visits to once every three months, Hickson believes that Macau casinos could be in for a tough road ahead. “If the government of China does not change its stance, we could be looking at a short lived glory period for the casinos in Macau.”