Hainan Island, China – 6 February 2018 –
A Bloomberg report says Beijing’s ambitions to bring more tourists and gambling to an island billed as China’s Hawaii is sparking visions of a rapid transformation for an important provincial region.
The plan for Hainan includes relaxing visa rules and building a new airport to draw foreign cash to the southern Chinese province, Bloomberg reported, citing people familiar with the matter. It also may allow for gambling, potentially paving the way for casinos on the island.
“If the model developed in Macau is tapped, then tourism and entertainment industries may be boosted along with gambling,” said Wendy Liu, a Shanghai-based analyst with UOB Kay Hian Investment. “The province may attract more shopping malls, hotels, providing an opportunity for related developers.”
It says mainland Chinese tourists drawn to Hainan could take some business away from Macau, where casino companies are enjoying booming business.
Some analysts say Macau is strong enough to withstand competition, and any moves to open another Chinese-controlled region to casinos could be years away. Las Vegas Sands, Wynn Resorts and other Macau casino operators would still need to adjust to competition for the US$33 billion in gaming revenue the city brings in annually.