‘Las Vegas of Asia’ tells casinos to grow beyond gambling

By JOE McDONALD
AP Business Writer

BEIJING (AP) — The American casino giants that helped make Macao the “Las Vegas of Asia” are losing money due to COVID and travel restrictions. Now, they face a fresh challenge: The tiny Chinese territory wants them to help reduce its reliance on gambling by building theme parks and other attractions. The former Portuguese colony is aligning with official strategy on China’s mainland, where foreign companies are required to help pay for the ruling Communist Party’s development ambitions. The licenses of MGM Resorts, Las Vegas Sands, Wynn Resorts and three Chinese rivals expire in December. Rules released in early July say any that want to operate over the next 10-year period must invest in “non-gaming projects.”