Chinese Elite Looking Forward to Gambling Legalization in Hainan
VIP Gamblers in China are eagerly waiting for the country’s president to give the green light to casino gaming in the Hainan island. Often dubbed as China’s Hawaii, the island of Hainan is likely to benefit from the opening of casino facilities in the form of higher tourist influx to the popular tropical destination.
Located along the beaches of the South China Sea near the Vietnam border, Hainan Island is a popular tourist hotspot renowned for its tropical climate, serene forests, dreamy mountainside, and luxury beach resorts. The island has been identified as the spot for holding the Asia Boao Forum in which the Chinese President will clarify the country’s intentions of staying open to international investors regardless of the existing trade war with the United States.
According to the statistics, while the island hosted a total of 67 million visitors in 2017, which was almost double the figures reported in 2012, only about a million of them belonged to foreign nationalities. In a report released by the South China Morning Post, there was a comparison of the aforementioned figures with those of the Indonesian island, Bali. Despite being only a fifth of the size of the island of Hainan, Bali recorded a total of 5 million foreign visitors in 2016.
A large number of international investors believe that Xi Jinping will not be announcing the legalization of casino gambling for Hainan anytime soon. However, they also hold a positive view of gambling legalization in Hainan with respect to the number of international gamblers that it will lure to the island and help boost the country’s economy. Currently, gambling stays banned and illegal in the mainland China.
Among other investors eyeing the Hainan market, the Hotel Moghul Zeng Xianyun is positive that the president would make suitable regulatory changes in the current laws to make room for legalizing gambling on the island. He further added that with the legalization of gambling, Hainan would essentially become the first ever province in Mainland China to hold casinos and also be able to cut back on capital outflows from the country. As per a report by the Bloomberg, Chinese states out of the mainland, such as Macau, that are major gambling hubs, still have a majority of their revenues flow out of the country to the international operators such as MGM.