It's about that time of the month again where we talk about China. More specifically, today I want to discuss everything wrong with China's new casino crackdowns.
One of the biggest profit centers for China's domestic economy is gambling. Macau is the only city there where China's high-rollers can legally gamble — making it the only accessible gambling hot spot in the country.
This has led to Macau being six-times more profitable than all of the casinos in Las Vegas combined, dwarfing them in terms of revenue.
Macau's casino operations also allocate nearly 80% of the local government's tax revenue.
And this week, the Chinese government announced that it's revising gambling laws to gain more control and local ownership in casinos…
Causing names like this to crash immediately...
It's a good thing I saw this move coming from a mile away and already have to perfect swing trades to counteract it… |
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