But Xi Jinping wants to stop Chinese high-rollers rolling abroad
, an Australian casino tycoon, illustrated his industry’s biggest opportunity with a statistic: 80% of Chinese travelling abroad for the first time visit a casino. In a society that loves to gamble, the Communist Party has for decades bottled up demand by banning the practice, with the paltry exception of China’s state lottery. And as more and more Chinese have become rich enough to travel, that pent-up demand has burst across Asia and beyond.
Everyone wanted a piece of the action. Singapore legalised gambling and in 2010 opened two casinos, which raked in stratospheric profits. In 2016 Japan unbanned casinos, although its first new one will not open until the second half of the decade. Even Vladivostok devised plans to become a Russian Las Vegas for Chinese gamblers.
Even so, controlling the Asian industry from Beijing is hard. As laundering money in Macau has become trickier, Chinese-owned casinos have appeared in less-regulated places south of China. The number of casino licences granted in Cambodia grew fourfold between 2014 and 2019. The centrepiece of the Golden Triangle Special Economic Zone in northern Laos is the Kings Romans Casino, a vast building with Greek-god statues and chandeliers.
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