Macau to diversify casino-dependent economy

Macau

MACAU leader Fernando Chui told Chinese President Xi Jinping on Friday that he would try to diversify Macau's casino-dependent economy, which has been hit by the most aggressive anti-graft campaign in China in decades.

Mr Xi, in Macau to celebrate the 15th anniversary of the handover of the former Portuguese colony to Chinese rule, said the world's largest gambling centre "still faces difficulties and challenges that must be properly managed". Mr Xi's pervasive anti-graft campaign contributed to a disastrous year for major casino companies, which have lost a combined US$58 billion in market value over the past six months as VIPs stayed away.