As Chinese President Xi Jinping arrives in Macau this weekend for his first official visit in five years, the message from Beijing is clear: the world's biggest gambling center cannot remain a one-industry town.
Xi's pervasive anti-graft campaign contributed to a disastrous year for major casino companies, which have lost a combined $58 billion in market value over the past six months as VIPs have stayed away.
The former Portuguese colony became a paradise for Chinese government officials and rich businessmen to flaunt their wealth and indulge themselves with private jets and sumptuous hotel suites. Gambling revenue hit $45 billion last year, seven times Las Vegas's take.
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