No More Chinese Whales At Gold Coast Casino
The Gold Coast casino has been forced to pivot its strategy, and instead of targeting wealthy Chinese gamblers, it must come up with ways to entice rich locals to gamble for millions. Whether you are an Australian high roller or playing for cents, you can always bet online at PlayAmo, where you can find a variety of casino games.
The Gold Coast casino managers believe this new strategy will be in place for at least 1 to 2 years after it may take time before big-time Chinese gamblers return to Australian shores. Some believe the Chinese market may never come back after the Communist party is doing everything in its power to stop wealthy Chinese gamblers from losing millions overseas.
While the Star Gold Coast has been busy with domestic patrons, the casino is heavily reliant on foreign high roller gamblers who can lose millions in a few hours. For the past ten years, the vast majority of these crazy rich gamblers have come from China.
The CEO of the Star said that international customers generate 15% of the casino’s revenue, and high rollers losing millions makes up a substantial portion of that 15%.
It is estimated that over 1.5 million Chinese citizens visit Australia and every year and spend as much as $1.6 billion annually. Casinos are heavily reliant on Chinese visitors.
When Australia does eventually open its border to international tourists, Australian casino insiders are concerned that Chinese tourists won’t return in the same numbers. The Chinese government has published warnings not to travel to Australia after racist attacks fueled by China being the origin of Covid-19.
More worrying for Australian casino operators is the latest crackdown on wealthy Chinese taking their millions and spending them at international gaming resorts. The Chinese government has made it illegal for companies to market to wealthy Chinese gamblers and assist in organizing their trips. Guilty parties will be charged and sentenced to up to 10 years in prison.
Australian casinos that rely on Chinese-based junket companies to help lure Chinese gamblers to China are now in the crosshairs of the Communist party. This could result in casinos losing millions in yearly revenue.
Smaller Pool Of Players For Goal Coast Casino
Gold Coast casino CEO has said he has instructed his marketing team to reach out to rich Australian gamblers. He says there are plenty of wealthy Australians who love to gamble, and while their existing marketing efforts have been geared at attracting Asian and Chinese players, he is confident the casino will win the domestic market.
While the CEO says, they do have a list of rich domestic bettors, they are looking to expand it and find some new customers who can help make up for the millions of lost revenue caused by the exodus of Chinese players.