China’s ban on gambling is a cash gift to the rest of Asia
But Xi Jinping wants to stop Chinese high-rollers rolling abroad
James packer, an Australian casino tycoon, illustrated his industry’s biggest opportunity with a statistic: 80% of Chinese travelling abroad for the first time visit a casino. In a society that loves to gamble, the Communist Party has for decades bottled up demand by banning the practice, with the paltry exception of China’s state lottery. And as more and more Chinese have become rich enough to travel, that pent-up demand has burst across Asia and beyond. “China’s middle class will change the world,” Mr Packer predicted.
This article appeared in the Asia section of the print edition under the headline “China’s cash gift to the rest of Asia”
Asia December 10th 2022
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