Blog Posted on 27/04/2018 | Author: Karen Macarthur
Watch Out Vegas! China’s Hainan Island Is All Set To Become World’s No. 1 Gambling Destination
China has been actively participating in talks of reshaping its strategies to bring positive changes in its economy. Betting and gambling is not a new concept to the Chinese. But currently, this is only restricted to Macau and Hongkong. These places have a history of gambling with a well-established gambling culture. It has some of the top-grade land-based casinos and no deposit casino with a revenue of at least 5x more than the Las Vegas casinos.
And this is despite the fact that the government has always held a strict attitude towards online gambling sites operating outside China.
Currently, China is drafting a proposal to allow gambling on its Hainan Island. Many feel that this move would change the no deposit casino gaming scene in the southern province of China.
The Initiative To Facelift China As A Desirable Gambling Zone For No Deposit Casino
• The Chinese President Xi Jinping has lately shown considerations on allowing online gaming, sports betting, and lottery in Hainan.
• The announcements aren’t public as yet and the proposal is in its nascent stage. This looks quite promising to the gambling lovers.
• The proposal appears to be a step towards the larger strategy. The country has relaxed visa rules and is also constructing a new airport terminal to attract foreign tourists.
• It hints at building a new international airport on the western coast of Hainan. At present, the city has 3 international airports located on the eastern coast of the territory.
Gambling is not legal in China, yet the concept of no deposit casino isn’t new to the province of Hainan. Studies report that according to the 2009 guidelines, the State Council is pushing Hainan to search for a category of betting sports that could aid in turning the island into an international tourist spot.
The Macau gaming revenue was majorly hit in 2014. This led to the place rising as a leisure destination for tourists and gamblers. In fact, Macau attracts nearly 70% tourists from the Chinese mainland.
With reference to the latest news, index of Sands China and MGM China Holdings Ltd stumbled greatly, with Wynn Macau Ltd. dropping by 6.7%. Some experts believe that there would be a considerable fall in the people travelling to Macau with the new policies. Though they are unsure how licensing would impact the profits of the gambling industry.
It is anticipated that the new plan would be historical in China’s stance on no deposit casino gambling. It could majorly challenge Macau’s casino business worth $33 billion. Macau is known as one of the largest gaming centres in the world.
Some Facts About Gambling In China
• Gambling is permitted only in Macau. The place attracts the same tourists and families from Hainan.
• The prevailing law is against open casinos, setting up online no deposit casino and betting sites. Even lottery ticket selling without the government’s permission is considered illegal.
• Allowing gaming in Hainan would be in the interest of the country. It could limit the capital outflow and foster revenue to the economy of the province.
• Despite being one of the largest financiers on tourism, records indicate that the country has struggled to attract foreign travellers. The Hainan plan is expected to contribute to easing the situation.