Macau is considered one of the world’s premier gambling destinations. Stanley Ho is widely considered to be one of the most instrumental person in making that happen. Unfortunately, news has surfaced that Ho has passed away at age 98.
It comes at an unusual time for Macau. Casino revenue here is now lower than it has ever been. Today, we’re going to discuss what this territory is doing to recover from the current economic situation it finds itself in.
Let’s get into it!
Macau’s Casino Revenue Continues to Plummet
Macau is home to many of the biggest and most expensive casino-resorts on the planet. Over the past few decades, it’s grown to become one of the world’s top gambling destinations. Unfortunately, revenue here has been dropping steadily for more than a year.
China’s economy has slowed considerably due to the US trade war it’s currently engaged in. As a result, fewer Chinese nationals are visiting Macau. As many are well-aware of, Macau relies heavily on Chinese gamblers for revenue.
This situation was tough on casino companies here. It was, however, manageable and many felt that as the Chinese economy improved, things in Macau would get better, as well. Unfortunately, the global pandemic has taken things from bad to horrible.
For a time, all of the casinos in Macau were closed down. They eventually opened back up, yet tourism here is almost non-existent. As a result, many of the casino companies in Macau are losing millions of dollars every day. It’s still unclear when revenue figures will begin to improve.
It’s a very difficult situation. Many of the city leaders here are now working to come up with ways to boost tourism. Unfortunately, one of the men responsible for making Macau what it is today has just passed away.
Stanley Ho Passed Away This Week
Those in the casino industry are well-aware of Stanley Ho. The former smuggler grew to become one of the most powerful men in Macau. He wasn’t without controversy, though, and many have criticized the casino mogul for his connections to several powerful crime groups.
Ho fled to Macau during World War Two. He was broke at the time, and ended up smuggling goods into China from Japan. As the war came to an end, Stanley Ho began to lead the reconstruction of Hong Kong.
In the 1960s, Ho secured a monopoly to control Macau’s emerging casino industry. It proved extremely profitable and he quickly became one of the richest men in China. As his age increased, Ho’s daughter began to take over much of his responsibilities.
New reports confirm that Stanley Ho has passed away at the age of 98. Many in the casino industry are paying their respects to one of the most important casino owners in Asia. Pansy Ho has already released a statement, claiming she knew it was coming, yet she’s still incredibly sad.
“The family of Stanley Ho today, with a very heavy heart, announced that [Ho] passed away peacefully at the age of 98 at around 1:00 pm today at HKSA,” Pansy said in an official press conference. “Even though we knew that this day would come, it doesn’t lessen our unspeakable sadness.”
This isn’t likely to have any major effect on Macau. As we mentioned earlier, Stanley’s role in the industry was passed on years ago. Casino owners are now looking at other leaders in Macau for news on how the city will improve.
US Land-Based Casino Industry Begins to Reopen
Macau isn’t the only area where casinos are struggling. All over the world, gambling venues are seeing their revenue earnings drop. That includes all of the casinos in the United States. Fortunately, things are beginning to improve here.
Some states have allowed their casinos to open back up. In Mississippi, for example, most of the coastal casinos are now accepting guests at limited capacity. The same is happening in Oklahoma.
Even some of the casinos in California have begun operating again. It’s surprising, considering this state has been one of the slowest to reopen. All of the casinos here are run by Native American tribes and sit on sovereign land.
Interestingly, casinos are still not open in Las Vegas. It’s been incredibly difficult for this city, which continues to lose millions of dollars every single day due to these regulations. Based on what city officials are saying, casinos will open back up here next month.
When Las Vegas casinos reopen, they won’t look the same way they did in the past. Major social distancing measures will be set in place to protect guests and staff. It’s unclear how much revenue these casinos will be able to generate.
Are you sad to hear about the passing of Stanley Ho? When do you expect Macau to recover from this current situation? Let us know in the comments section below!