Macau Reports Increase In Global Tourists Amidst Falling Gambling Revenues
The last two years have seen the largest gambling hub in the world Macau take a huge loss in revenues due to the crackdown on corruption by Chinese president Xi in the former Portuguese colony.
What was once the undisputed Las Vegas of the East has had to adapt to a shift of focus to a more tourist like destination and not rely solely on revenues for heavy VIP gamblers from the Chinese Mainland as it had done in the past.
The last few months have seen a recovery for casino industry with revenues starting to increase and stabilize. In addition tourism is up with the number of international visitors increasing 8 percent in 2016 from 2015.
Global tourists are being attracted to Macau by massive resorts like Sands’ Venetian and Wynn Macau which were recently opened. As of now 90 percent of tourists to Macau is still made up from China, Taiwan and Hong Kong but anyone visiting Macau will have noticed the increase in other nationalities.
The focus on attracting tourists other than those of the mainland is a priority for authorities. Head of Macau Civic Power Agnes Lam said, “I think the increase of foreign tourists is very important to Macau and will actually make the tourist industry here become more healthy.”
Macau is now having to compete with other Asian casino hubs like Singapore and the Philippines. The fact that Japan is also legalizing casino resorts is very likely and is expected to rival Macau as one of the largest gaming hubs in the world.