中國打壓賭場是澳門轉型的一部分

Recently Yahoo News on-line reported the following:

China’s Casino Crackdown Part of Quest to Transform Macau

Shirley Zhao

Fri., September 24, 2021, 1:58 a.m.

(Bloomberg) -- To many investors, Macau’s push to extend oversight over the world’s largest gambling hub came as a shock, triggering a record selloff in casino shares. To long-term observers, however, it was just the latest move in China’s grand plan to transform the $24 billion economy.

For years, Beijing has been focused on trying to control an industry that’s enriched the only Chinese territory where casinos are legal but also provided an avenue for capital outflows for the country’s rising elite. Authorities have been steadily tightening their grip, with facial-recognition software installed in Macau’s ATMs, cash withdrawals limited, and a digital currency under consideration to better track transactions.

At the same time, the government has been laying the groundwork for the dilution of Macau’s reliance on gambling. Unveiled in 2019, China’s blueprint for the Greater Bay Area -- a region that includes Hong Kong and parts of southern China -- sees the former Portuguese colony departing from its decades-long identity as a casino Mecca to become a global leisure and tourism hub. Think sports stadiums, convention centers and traditional Chinese medicine parks instead of more baccarat tables.

“What the government wants, and what Beijing wants, is to have a lot more non-gaming facilities,” said Allan Zeman, chairman and an independent director of Wynn Macau Ltd., one of the six casino operators with licenses to operate in the enclave. “The border will kind of disappear. Macau will become a much bigger place, so gaming is just one part of a city that will have a lot more.”

Last week’s announcement of revisions to the law governing casinos was one of the most definitive signs yet that there’s no turning back for Beijing.

The proposed changes, which are now up for consultation with the public and industry, came just a week after the Chinese government released a plan to further integrate Macau with the Chinese mainland. The city is being encouraged to develop non-gaming industries in a special zone on the neighboring island of Hengqin -- currently divided between Guangdong province and Macau -- with a focus on high-tech manufacturing, cultural tourism, Chinese medicine, conventions and sports, according to a master plan released by Beijing earlier this month. Gambling won’t be allowed.

The Bloomberg Intelligence index of Macau’s six casino operators has fallen 26% since last Tuesday’s proposal. The market recovered slightly this week, with the index gaining about 1.7%.

Gambling in Macau goes back more than three centuries, with the practice legalized there in 1847 as a way to fill the colonial authority’s coffers. By the late 19th century, gaming taxes had become the government’s main income. For decades the industry was monopolized by a company co-founded by late billionaire Stanley Ho before opening up in 2002 to the current players. Macau eventually surpassed Las Vegas, and today bettors can pose before a fake Eiffel Tower or stroll along replica Venetian canals on its main strip.

But a shift is firmly under way. While still employing one-fifth of the city’s workforce, the gambling industry’s contribution to Macau’s gross domestic product had dropped to 51% before the pandemic hit, from 63% in 2013, according to the latest government data.

The license renewal process for the city’s six casino operators is shaping up to be a key test of Beijing’s pivot. With the permits set to expire in less than 10 months, the government is expected to pressure the firms -- who have seen gaming revenue contribute 85% of overall revenue on average the past three years, according to Bloomberg calculations from company reports -- to boost investment in non-gaming sectors.

Macau’s government will likely nudge casino operators to invest in projects in Hengqin, even if their profit outlook is questionable, given the limitations on expanding further in Macau, said Ben Lee, a managing partner at gambling consultancy IGamiX.

While the casinos have recently been doubling down on luring more so-called mass market bettors, who may spend more time dining out and shopping than at the tables, entire projects separate to the casino business could be more challenging. Convention activities, the ferry service and income from retail accounted for less than 3% of net revenue in 2019 for Sands China Ltd., the largest operator in Macau by gaming revenue.

And they face stiff competition for non-gaming business from elsewhere in the region. Hong Kong -- just a ferry ride away -- has an established convention and exhibition industry and hosts major international events from art festivals to rugby tournaments. The island province of Hainan has also seen a domestic tourism boom due to its tax-free status and wants to develop similar industries.

The revisions to the casino law follow a decade-long crackdown on VIP bettors, said Morningstar Inc. analyst Jennifer Song. Such gamblers attracted Beijing’s wrath because they’re facilitated by junkets which sometimes breach Chinese law by promoting gaming in the mainland, organizing overseas gambling trips and providing shadow banking services to high rollers.

The moves significantly reined in what was once the lifeblood of Macau, Song said. Now, Beijing’s wider plan could have a similar effect on the casino industry overall.

Translation

（彭博社）- 對許多投資者來說，澳門推動擴大監管全球最大賭博中心令人震驚，引發了賭場股票創紀錄的拋售。然而，對於長期觀察人士來說，這只是中國改變 這240 億美元經濟體的宏偉計劃的最新舉措。

多年來，北京一直專注於試圖控制這一個行業，該行業養肥了中國唯一一家合法經營賭場的地區，但也為中國崛起的知名人士提供了資本外流的渠道。當局一直在穩步收緊控制，在澳門的自動取款機上安裝了面部識別軟件，取款受到限制，並且正在考慮使用數字貨幣來更好地跟踪交易。

與此同時，政府一直在為淡化澳門對賭博的依賴奠定基礎。 2019 年公佈的中國大灣區藍圖 - 包括香港和中國南部部分地區 - 看到前葡萄牙殖民地會擺脫其長達數十年的賭場聖地身份，而成為全球休閒和旅遊中心。 它想要體育場館、會議中心和中藥園，而不是更多的百家樂賭桌。

永利澳門有限公司董事長兼獨立董事Allan Zeman說，“政府想要的，以及北京想要的，是擁有更多的非博彩設施”,永利澳門有限公司是六家獲准在澳門經營的賭場運營商之一。“邊界會消失。澳門將成為一個更大的地方，因此博彩只是這座城市的一部分，而這座城市將擁有更多。”

上周宣布修改賭場法是迄今為止最明確的跡象之一，表明北京沒有回頭路。

正在徵求公眾和行業意見的改變現状的提議, 是在中國政府進一步整合澳門與中國大陸的計劃一周後發布的。該市正在被鼓勵在鄰近橫琴島的一個特區發展非博彩業 - 目前橫琴島分割開屬於廣東省和澳門 - 根據北京本月早些時候發布的總體規劃, 重點是高科技製造、文化旅遊、中醫藥、會議和體育。賭博將不被允許。

自上週二的提議以來，澳門六家賭場運營商的彭博資訊指數已下跌 26%。本週市場小幅回升，指數上漲約1.7%。

澳門的賭博可以追溯到三個多世紀前，1847 年澳門賭博合法化，作為滿足殖民當局税庫的一種方式。到 19 世紀後期，博彩稅已成為政府的主要收入。幾十年來，該行業一直被已故億萬富翁何鴻燊聯合創立的一家公司壟斷，然後於 2002 年向目前的參與者開放。澳門最終超越了拉斯維加斯，如今投注者可以在假的埃菲爾鐵塔前擺姿勢，或沿著主要地帶的複製威尼斯運河漫步。

但轉變正在穩步進行。根據最新的政府數據，博彩業對雖然仍僱用澳門市五分之一的勞動力，但對澳門生產總值的貢獻在已從 2013 年的 63% 降至 疫情爆發前51%。

該市六家賭場運營商的執照更新程序正在成為北京轉型的關鍵考驗。由於許可證將在不到 10 個月內到期，預計政府將向這些公司施壓, 加大對非博彩行業的投資 - 根據彭博社對公司報告的計算，這些公司過去三年的博彩收入, 佔平均稅收總收入的 85% 。

博彩諮詢公司 IGamiX 的管理合夥人 Ben Lee 表示，鑑於在澳門進一步的發展擴有限，即使他們的博彩利潤前景不確定, 澳門政府亦可能會推動賭場運營商投資橫琴的項目。

雖然賭場最近加倍努力吸引更多所謂的大眾市場投注者，大眾們可能會花更多的時間在外用餐和購物，而不是在賭桌上，但要與賭場業務分開的整個項目, 可能更具挑戰性。會議活動、渡輪服務和零售收入佔澳門最大的博彩收入運營商金沙中國有限公司 2019 年的淨收入的不到 3%。

賭場業務面臨著來自該地區其他地方的非博彩業務的激烈競爭。香港 - 只需搭乘渡輪之遥 - 擁有成熟的會議和展覽業，並舉辦從藝術節到欖球比賽的重大國際活動。海南省也因其免稅地位而出現了國內旅遊業的繁榮，亦希望發展類似的產業。

Morningstar Inc.分析師Jennifer Song說，賭場法的修訂是在對 VIP 投注者長達十年的打擊之後進行的。 這些賭徒之所以引起北京的憤怒，是因為他們得到中介人的幫助，這些中介人有時會在大陸推廣博彩、組織海外賭博旅行, 以及為豪賭客提供影子銀行服務而違反中國法律。

Jennifer Song說，那些舉措大大遏制了曾經是澳門的命脈。 現在，北京更廣泛的計劃可能會對整個賭場行業產生類似的影響。

       So, what the Macau government wants, and what Beijing wants, is to have a lot more non-gambling facility. Macau will become a much bigger place, so gambling will be just one part of a city and it will have a lot more leisure facilities to offer in the future.