Xi Gets Tough in Macau as $75 Billion Casino Value Wiped
This article is for subscribers only.
As Xi Jinping makes his first visit to Macau as China’s president this week, the city’s casinos would like to hear a reassuring word that might revive their tumbling stock prices. They’re not likely to get it.
Xi, who arrived today to mark the 15th anniversary of the former Portuguese enclave’s return to Chinese rule, is the man responsible for the two-year campaign against corruption in China, scaring away high rollers who have helped make Macau the world’s largest casino gambling hub and wiping out $75 billion of casino operators’ market value -- bigger than the entire economy of Luxembourg.