Macau, the only place in China where folks can go and legally gamble away their money, and one of the most convenient places where they can illegally siphon money out of China and send it to destinations beyond the reach of the government – is it on the way to ruin?Until last year, it was an awesome ride. In 2001, Macau permitted foreign casino operators to set up shop. In 2002, Macau blew past Las Vegas as the number one gambling destination in the world. Even during Financial-Crisis year 2009, Macau gaming revenues rose 9.6%. They’ve been a thermometer into China’s economic boom.
Courtesy Wolf Richter at WolfStreet.com (EconMatters archive here)
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