Technical support issues
Beijing also issued a strict order urging Macau's government to diversify its revenue market and encourage education and tourism, rather than resorting to the casino industry. The Chinese government has made it clear that it will end Macau's gambling and prostitution image and make it a more family-friendly tourist destination.
Hong Kong Education Research Institute researchers Sonny Law and Dennis Hui recently published a report called Casino Governance in Macau, which was published in the China International Journal for the month of April, adding that while Beijing's efforts to crack down on corruption in Macau are understandable and long-lasting, other motives behind the anti-corruption crackdown are behind it.
"Beijing's central government is free from geopolitical concerns because it doesn't want to see a surge in foreign investment in Macau's casino industry, especially as Hong Kong, Australia and the U.S. capital have already grown markedly in the gaming sector since 2002," the report said. It is perfectly understandable that the heavy reliance on casino capitalism in Macau, considered undesirable, and China's geopolitical concerns about the deep penetration of Western capital into the Macau casino industry have put a brake on the growth of casinos and the impact related to the shorter duration of future casino franchises."
Billions of casino empires like Win Resort, Las Vegas Sands and MGM Grand have also invested heavily to establish mega-casino resorts in Macau. These western facilities have imported large numbers of English-speaking personnel to work in casinos, and as a result, the Chinese government has failed to provide important job opportunities for locals.
These Western institutions control a significant stake in the Macau casino industry, and Beijing does not want Macau to rely heavily on Western interests. Such anti-corruption crackdown moves are likely to force Western agencies to rethink their strategy in Macau, which will have a chance for a fresh start.
Friday, October 27, 2023