When one thinks of the gambling capital of the world, two possible suggestions might arise in the minds of people. Las Vegas is the obvious choice and for most people would probably be the answer they would give. For those a little bit more in the know will understand that Macao is the gambling capital of Asia. It is also one of the only places in Asian where gambling is tolerated.
At the moment political tensions between the east and the west have sparked real strain on casino business in both of these regions. Presidents Trump’s economic war with China has left Mega Vegas Casinos with operations in Macao on the receiving end of Chinese spite, causing massive losses in the industry this year.
VIP BUSINESS HIT
It is primarily on the VIP end of the betting spectrum that popular casinos have stated that they have felt the biggest punch. Perhaps an end of the market that is most politically astute. Clientele that might feel the need to make a statement on behalf of the Asian people.
Nine casino operators in Macao, operated by Las Vegas Sands, MGM Resorts International, and Wynn Resorts, have felt the consequences on US decisions to cut out the Chinese markets. While Americans are being turned to look elsewhere for trade, high-end Chinese businesses seem to be retaliating by pinching American business where it hurts.
Macau traditionally brings in 70% of the revenue for Vegas Sands, 64% for Wynn Resorts, and around 22% for MGM. That is a big chunk of change to have dangling in the realm of uncertainty. Vegas Sands has reported a nosedive of 60% compared with last year’s revenues, while Wynn Resorts claims a 15.3% decrease, and MGM is down by $10 million.
GAMBLING IS JUST THE START
Gambling market specialists remain positive for the future though, believing that this sudden drop in trade is just a phase and that things will normalise again. But, the gambling industry is just one small segment being affected in this rather large crisis. Looking forward, the outcome may result in worldwide economic instability, resulting in the biggest economic crisis in 11 years, all because two of the strongest economies in the world are at loggerheads.
Sanctions of some sought seem threatening and time will reveal whether these sanctions will be set against the USA, or against China. The US Treasury has accused China of currency manipulation, which is readying the atmosphere for Trump and Co. to level sanctions against the country. However, if the accusations and subsequent sanctions are misguided and unfounded, the US could see international sanctions imposed upon them.
HEDGE AGAINST UNCERTAINTY
While fiat currency economies are up in the air in the immediate future, we thank goodness for the fact that there is still a decentralised economy that can be called on to secure our standings in these times. Though cryptocurrencies have seen the raw side of the US government themselves of late, coins like Bitcoin are decentralised and therefore not susceptible to political interference in the same way that the Dollar and other like currencies are. These peer to peer-based systems may be the ‘go-to’ platform for people wanting to ensure that they do not incur losses.
It has been a good year for Bitcoin on the whole and it could possibly get better as investors seek a more solid investment opportunity that is not likely to suffer incursion from political circles at all.
While land-based Vegas Casinos have seen a slump, decentralised Bitcoin online casinos remain strong, growing from strength to strength. The Bitcoin market seems like another world with very different trials and realities to the fiat currency economy.
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