Sri Lanka is betting big on casinos to revive its crisis-hit economy. As part of its recovery roadmap, the island nation is turning to gambling, luxury tourism, and foreign investment in high-stakes entertainment to generate revenue. But will this gamble pay off — or lead to deeper issues?

In this video, we explore the economic, political, and social implications of Sri Lanka’s decision to embrace casinos as part of its long-term financial strategy.

'Casinos are a part of recovery roadmap now': Sri Lanka's high-stakes economic gamble

<p>Commercial casinos in the United States hit a jackpot in the year 2023 as they raked in USD 66.5 billion from gamblers marking best year ever for the industry. The figures were released by the national trade association of commercial casinos on Tuesday (Feb 20). The American Gaming Association said that the total earnings were 10 per cent higher than those in 2022, the year which had set the previous record.</p>

<p>The latest record has been set in a year that saw grocery and energy prices remaining high in spite of cooling inflation.</p>

<p>"From the traditional casino experience to online options, American adults' demand for gaming is at an all-time high," Bill Miller, the president and CEO of American Gaming Association. He was quoted by The Associated Press.</p>

<p>Miller also said that earlier in the last year, there were few signals of record-breaking earnings.</p>

<p>"...inflation was high, uncertainty was in the air. Forecasters couldn't agree what these challenges might do to discretionary income," he said.</p>

<p>But inflation cooled as the year progressed and Federal Reserve held the interest rates steady. Consumers began to spend more.</p>

<p>"The result was a record-breaking year for our industry," said Miller.</p>

<p><strong>Watch | Neuralink's first human patient can now control compute mouse with thoughts</strong></p>

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<p>"As a form of entertainment, legal sports betting might be a new and novel experience for many patrons, and with its relatively low cost of entry, may be attractive to them even if their discretionary spending budget is limited," said Jane Bokunewicz, director of the Lloyd Levenson Institute at New Jersey's Stockton University, as quoted by AP.</p>

<p>The institute studies gambling industry.</p>

<p><strong>Also Read | <a href="https://www.wionews.com/business-economy/walmart-soars-on-strong-earnings-and-vizio-acquisition-report-692229">Walmart soars on strong earnings and Vizio acquisition: Report</a></strong></p>

<p>As reported by AP, in-person gaming reflected the biggest earnings for the industry. In year 2023, slot machines brought in USD 35.51 billion. This was an increase of 3.8 per cent from the year 2022. Table games scored USD 10.31 billion. The earnings were up by 3.5 per cent.</p>

<p>The biggest spike was seen in legal sports betting. It generated USD 10.92 billion. This was 44.5 per cent more than the previous year.</p>

<p><em>(With inputs from agencies)</em></p>


Commercial casinos in the United States hit a jackpot in the year 2023 as they raked in USD 66.5 billion from gamblers marking best year ever for the industry. The figures were released by the national trade association of commercial casinos on Tuesday (Feb 20).

Commercial casinos in the United States hit a jackpot in the year 2023 as they raked in USD 66.5 billion from gamblers marking best year ever for the industry. The figures were released by the national trade association of commercial casinos on Tuesday (Feb 20). The American Gaming Association said that the total earnings were 10 per cent higher than those in 2022, the year which had set the previous record. The latest record has been set in a year that saw grocery and energy prices remaining high in spite of cooling inflation. "From the traditional casino experience to online options, American adults' demand for gaming is at an all-time high," Bill Miller, the president and CEO of American Gaming Association. He was quoted by The Associated Press. Miller also said that earlier in the last year, there were few signals of record-breaking earnings. "...inflation was high, uncertainty was in the air. Forecasters couldn't agree what these challenges might do to discretionary income," he said. But inflation cooled as the year progressed and Federal Reserve held the interest rates steady. Consumers began to spend more. "The result was a record-breaking year for our industry," said Miller. Watch | Neuralink's first human patient can now control compute mouse with thoughts × "As a form of entertainment, legal sports betting might be a new and novel experience for many patrons, and with its relatively low cost of entry, may be attractive to them even if their discretionary spending budget is limited," said Jane Bokunewicz, director of the Lloyd Levenson Institute at New Jersey's Stockton University, as quoted by AP. The institute studies gambling industry. Also Read | Walmart soars on strong earnings and Vizio acquisition: Report As reported by AP, in-person gaming reflected the biggest earnings for the industry. In year 2023, slot machines brought in USD 35.51 billion. This was an increase of 3.8 per cent from the year 2022. Table games scored USD 10.31 billion. The earnings were up by 3.5 per cent. The biggest spike was seen in legal sports betting. It generated USD 10.92 billion. This was 44.5 per cent more than the previous year. (With inputs from agencies)

US casinos hit big with all-time high earning record

<p>With China's tough Covid directives and travel restrictions discouraging gamblers, this year will go down as a particularly bad year for the gambling business in Macau,&nbsp;says a Bloomberg report. Casino revenue plummeted 56 per cent from November, 2021 to 3 billion patacas ($374 million), according to the Gaming Inspection and Coordination Bureau, which released its report on Thursday. With that, revenue from January through November was 38.7 billion patacas, which is a significant decrease from the 270 billion patacas earned during the same time period in 2019, pre-pandemic.&nbsp;Analysts had anticipated a 47 per cent&nbsp;dip&nbsp;in revenue to 3.6 billion patacas in November compared to the same month last year.</p>

<h2><strong>What's causing the economic fallout?</strong></h2>

<p>Tourist numbers in Macau are still substantially below pre-pandemic levels. Around 2.9 million people arrived in October 2021,&nbsp;compared to 5,80,000 in October of this year. This is due to China's continued strict compliance to zzero-Covid&nbsp;policies, that proved futile for Macau's&nbsp; economy&nbsp;because the mainland is its primary tourist attraction.&nbsp;</p>

<p>Macau still remains inaccessible to people from other countries, but transit between Macau and mainland China is not subject to quarantine. Five days of hotel isolation&nbsp;is mandatory for visitors from Hong Kong.&nbsp;</p>

<p><strong>Also read |</strong>&nbsp;<a href="https://www.wionews.com/world/chinese-president-xi-meets-eu-chief-charles-michel-says-china-hopes-for-fair-and-transparent-ties-539017">Chinese President Xi meets EU chief Charles Michel, says China hopes for fair and transparent ties</a></p>

<p>To contain a minor flare-up, Macau conducted widespread Covid testing and shut down a significant casino resort in late October, which had an adverse impact on tourism.</p>

<div class="videoWrapper trancodeVideo"><strong>Also WATCH |&nbsp;Canada's Trudeau expresses support for lockdown protesters in China</strong></div>

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<p>The Chinese government cracked down on junkets in Macau, the only region in Greater China where casinos are permitted, and as a result, the tourists who are visiting are also spending less money.</p>

<p>Since March of this year, when omicron spread throughout China, Macau's casino income has been consistently falling. In July, when the city experienced its worst outbreak and went into lockdown for two weeks, it fell to a record low, leaving casinos with little to no income.&nbsp; Long-term prospects for the six casinos in Macau are improved owing to the recent renewal of their operation licences for an additional 10 years. Beginning in 2023, the new permits will be in force.&nbsp;</p>

<p>Following the announcement of renewed licencing on 26th November, a Bloomberg Intelligence index of Macau casino operators increased by 56 per cent in November. The index has increased 30 per cent only this week. In November, the benchmark Hang Seng Index increased by 27 per cent&nbsp;</p>

<p><strong>WATCH WION LIVE HERE:</strong></p>

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With China's tough Covid directives and travel restrictions discouraging gamblers, this year will go down as a particularly bad year for the gambling business in Macau, says a Bloomberg report.

With China's tough Covid directives and travel restrictions discouraging gamblers, this year will go down as a particularly bad year for the gambling business in Macau, says a Bloomberg report. Casino revenue plummeted 56 per cent from November, 2021 to 3 billion patacas ($374 million), according to the Gaming Inspection and Coordination Bureau, which released its report on Thursday. With that, revenue from January through November was 38.7 billion patacas, which is a significant decrease from the 270 billion patacas earned during the same time period in 2019, pre-pandemic. Analysts had anticipated a 47 per cent dip in revenue to 3.6 billion patacas in November compared to the same month last year. What's causing the economic fallout? Tourist numbers in Macau are still substantially below pre-pandemic levels. Around 2.9 million people arrived in October 2021, compared to 5,80,000 in October of this year. This is due to China's continued strict compliance to zzero-Covid policies, that proved futile for Macau's economy because the mainland is its primary tourist attraction. Macau still remains inaccessible to people from other countries, but transit between Macau and mainland China is not subject to quarantine. Five days of hotel isolation is mandatory for visitors from Hong Kong. Also read | Chinese President Xi meets EU chief Charles Michel, says China hopes for fair and transparent ties To contain a minor flare-up, Macau conducted widespread Covid testing and shut down a significant casino resort in late October, which had an adverse impact on tourism. Also WATCH | Canada's Trudeau expresses support for lockdown protesters in China The Chinese government cracked down on junkets in Macau, the only region in Greater China where casinos are permitted, and as a result, the tourists who are visiting are also spending less money. Since March of this year, when omicron spread throughout China, Macau's casino income has been consistently falling. In July, when the city experienced its worst outbreak and went into lockdown for two weeks, it fell to a record low, leaving casinos with little to no income. Long-term prospects for the six casinos in Macau are improved owing to the recent renewal of their operation licences for an additional 10 years. Beginning in 2023, the new permits will be in force. Following the announcement of renewed licencing on 26th November, a Bloomberg Intelligence index of Macau casino operators increased by 56 per cent in November. The index has increased 30 per cent only this week. In November, the benchmark Hang Seng Index increased by 27 per cent WATCH WION LIVE HERE:

Macau casinos face their worst year ever as Covid restrictions discourage gamblers

The global ban and travel ban have dented business in China's gambling hub Macau which is one of its kind recreational centre in Asia as well.

World Business Watch: COVID-19 hits China's gambling hub, business remains muted in casinos

In Nevada, the casino coronavirus closure has ended. Cards are being dealt, dice are rolling and slot machines flash and jingle for the customers who started gambling again early Thursday in Las Vegas and throughout the state.

Las Vegas reopens casinos after COVID-19 closure

<p>Las Vegas Mayor Carolyn Goodman is facing a backlash for her statement that casinos and other businesses should be reopened amid the coronavirus crisis just to revive the economy.</p>

<p>In a TV interview with CNN, Goodman said, “Assuming that everyone is a carrier, open businesses that generate infections will be closed again.”</p>

<p>She also went on to add that ensuring safety in Casino is not a mayor's job.</p>

<p>The state of Nevada which is home to Las Vegas has seen 163 coronavirus deaths and the number of coronavirus cases is closing to 4,000 mark. Due to the lockdown, Las Vegas is the worst hit as the city will lose over 3,00,000 will be left unemployed.&nbsp;</p>

<p>“Every one of those lives is a tragic loss. But when you count 150 versus 2.3 million, you have to say, ‘We have to open up. We have to go back',” Goodman said.</p>

<p>Ever since the interview, she has faced massive backlash for her views. Netizens across Twitter have slammed Mayor Carolyn Goodman.&nbsp;</p>

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<p dir="ltr" lang="en">Rep. Steven Horsford, a Democrat who represents a part of Las Vegas, said Mayor Goodman’s remarks to <a href="https://twitter.com/andersoncooper?ref_src=twsrc%5Etfw">@andersoncooper</a> were “outrageous:” “I condemn her remarks. My community is not going to be used as an experiment,” he told me</p>
— Manu Raju (@mkraju) <a href="https://twitter.com/mkraju/status/1253346477038096384?ref_src=twsrc%5Etfw">April 23, 2020</a></blockquote>
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<p dir="ltr" lang="en">The Mayor of Las Vegas: “We offer to be a control group.”<br />
<br />
Insane Clown Posse: “We refuse to risk even one Juggalo life.”<a href="https://twitter.com/hashtag/ThisIs2020?src=hash&amp;ref_src=twsrc%5Etfw">#ThisIs2020</a> <a href="https://t.co/JoGQOKxk2E">pic.twitter.com/JoGQOKxk2E</a></p>
— Nelson Carvajal (@nelsoncarvajal) <a href="https://twitter.com/nelsoncarvajal/status/1253381006083543045?ref_src=twsrc%5Etfw">April 23, 2020</a></blockquote>
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<p dir="ltr" lang="en">When I watched that interview with Mayor Goodman I struggled to balance her being completely insane with the fact that Las Vegas is probably uniquely gutted by the shutdown. It’s a one industry town based on packing people into confined spaces and enabling their risky behavior.</p>
— Josh Marshall (@joshtpm) <a href="https://twitter.com/joshtpm/status/1253193276737421314?ref_src=twsrc%5Etfw">April 23, 2020</a></blockquote>
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<p dir="ltr" lang="en">It appears the mayor of Las Vegas got hold of all the drink tickets before quarantine. <a href="https://t.co/EaxTRQnAuE">pic.twitter.com/EaxTRQnAuE</a></p>
— Cousin Sal (@TheCousinSal) <a href="https://twitter.com/TheCousinSal/status/1253057252962873344?ref_src=twsrc%5Etfw">April 22, 2020</a></blockquote>
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<p>Famous late night host Jimmy Kimmel joined the netizens and slammed the mayor calling her "dangerously misguided".&nbsp;</p>

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<p dir="ltr" lang="en">Dear Las <a href="https://twitter.com/Vegas?ref_src=twsrc%5Etfw">@Vegas</a>. It would appear that your <a href="https://twitter.com/mayoroflasvegas?ref_src=twsrc%5Etfw">@mayoroflasvegas</a> Carolyn Goodman is dangerously misguided. I am not easily shocked anymore, but the interview she is doing with <a href="https://twitter.com/andersoncooper?ref_src=twsrc%5Etfw">@andersoncooper</a> <a href="https://twitter.com/CNN?ref_src=twsrc%5Etfw">@cnn</a> right now is bonkers.</p>
— Jimmy Kimmel (@jimmykimmel) <a href="https://twitter.com/jimmykimmel/status/1253031854761861120?ref_src=twsrc%5Etfw">April 22, 2020</a></blockquote>
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<p>The United States has the highest number of infected cases in the world with 869,172 cases.&nbsp;</p>


Las Vegas Mayor Carolyn Goodman is facing a backlash for her statement that casinos and other businesses should be reopened amid the coronavirus crisis just to revive the economy.

Las Vegas Mayor Carolyn Goodman is facing a backlash for her statement that casinos and other businesses should be reopened amid the coronavirus crisis just to revive the economy. In a TV interview with CNN, Goodman said, “Assuming that everyone is a carrier, open businesses that generate infections will be closed again.” She also went on to add that ensuring safety in Casino is not a mayor's job. The state of Nevada which is home to Las Vegas has seen 163 coronavirus deaths and the number of coronavirus cases is closing to 4,000 mark. Due to the lockdown, Las Vegas is the worst hit as the city will lose over 3,00,000 will be left unemployed. “Every one of those lives is a tragic loss. But when you count 150 versus 2.3 million, you have to say, ‘We have to open up. We have to go back',” Goodman said. Ever since the interview, she has faced massive backlash for her views. Netizens across Twitter have slammed Mayor Carolyn Goodman. Rep. Steven Horsford, a Democrat who represents a part of Las Vegas, said Mayor Goodman’s remarks to @andersoncooper were “outrageous:” “I condemn her remarks. My community is not going to be used as an experiment,” he told me — Manu Raju (@mkraju) April 23, 2020 × The Mayor of Las Vegas: “We offer to be a control group.” Insane Clown Posse: “We refuse to risk even one Juggalo life.”#ThisIs2020 pic.twitter.com/JoGQOKxk2E — Nelson Carvajal (@nelsoncarvajal) April 23, 2020 × When I watched that interview with Mayor Goodman I struggled to balance her being completely insane with the fact that Las Vegas is probably uniquely gutted by the shutdown. It’s a one industry town based on packing people into confined spaces and enabling their risky behavior. — Josh Marshall (@joshtpm) April 23, 2020 × It appears the mayor of Las Vegas got hold of all the drink tickets before quarantine. pic.twitter.com/EaxTRQnAuE — Cousin Sal (@TheCousinSal) April 22, 2020 × Famous late night host Jimmy Kimmel joined the netizens and slammed the mayor calling her "dangerously misguided". Dear Las @Vegas. It would appear that your @mayoroflasvegas Carolyn Goodman is dangerously misguided. I am not easily shocked anymore, but the interview she is doing with @andersoncooper @cnn right now is bonkers. — Jimmy Kimmel (@jimmykimmel) April 22, 2020 × The United States has the highest number of infected cases in the world with 869,172 cases.

Netizens troll Las Vegas Mayor for her 'Open Vegas' remarks in an interview

Casinos in Macau, the world's biggest gambling hub, reopen on February 20 after being closed for two weeks because of the coronavirus epidemic, but all punters and croupiers will have to wear a mask at the tables. Casino executives and residents say revenue will remain badly crimped in the Chinese territory's 41 casinos and the businesses dependent on them because of the health restrictions and strict entry regulations on tourists.

Your Story: Only masked punters, Macau casinos reopen after coronavirus suspension

<p><a href="https://www.wionews.com/india-news/goa-mig-29k-fighter-aircraft-crashes-both-pilots-eject-safely-262541">Goa</a> is all set to entertain tourists a significant number of them foreigners with a host of exciting events lined-up on the eve of the New Year on Tuesday.</p>

<p>Almost all major casinos, restaurants, and bars are organising music programmes and other special events making it difficult for the tourists to make a choice.</p>

<p>Celebrities like <a href="https://www.wionews.com/entertainment/cine-workers-association-bans-mika-singh-for-performing-in-pakistan-242863">Mika Singh</a>, <a href="https://www.wionews.com/photos/dia-mirza-soha-ali-khan-and-neha-dhupia-gather-at-sophie-choudrys-dinner-party-173162#dia-mirza-looked-radiant-in-a-lime-green-kurta-173149">Sophie Choudry</a>, comedian Raju Shrivastav, and many others have been roped in by organisers to perform on the occasion.</p>

<p>"We have completed all preparations to welcome the tourists on the New Year's eve. Major shows will be organised at both our properties," said director of the casino group where Singh and Choudry are expected to perform.</p>

<p>Some Russian international artists will also be performing.</p>

<p>Restaurants and bars, on their part, have planned a variety of cuisines to make <a href="https://www.wionews.com/photos/krrish-3-from-thugs-of-hindostan-box-office-performance-of-last-six-diwali-releases-257717">New Year</a> parties memorable for the customers.</p>

<p>Some hotels have curated a list of casinos, bars, and restaurants to make it easier for tourists to choose as per their tastes and preferences.</p>

<p>"There are so many partying options in Goa that it makes it difficult for a tourist to choose one. To make it easier, we have compiled a list of the best New Year parties to attend in Goa this year. Pick the one you like," said Azharul Haque, general manager of a Panaji-based hotel.</p>

<p>Tourists are all excited to welcome the new year in the best possible way. "We are planning to go to parties and beaches and will be having great fun here," a tourist said.</p>


Goa is all set to entertain tourists a significant number of them foreigners with a host of exciting events lined-up on the eve of the New Year on Tuesday. Almost all major casinos, restaurants, and bars are organising music programmes and other special events making it difficult for the tourists to make a choice.

Goa is all set to entertain tourists a significant number of them foreigners with a host of exciting events lined-up on the eve of the New Year on Tuesday. Almost all major casinos, restaurants, and bars are organising music programmes and other special events making it difficult for the tourists to make a choice. Celebrities like Mika Singh, Sophie Choudry, comedian Raju Shrivastav, and many others have been roped in by organisers to perform on the occasion. "We have completed all preparations to welcome the tourists on the New Year's eve. Major shows will be organised at both our properties," said director of the casino group where Singh and Choudry are expected to perform. Some Russian international artists will also be performing. Restaurants and bars, on their part, have planned a variety of cuisines to make New Year parties memorable for the customers. Some hotels have curated a list of casinos, bars, and restaurants to make it easier for tourists to choose as per their tastes and preferences. "There are so many partying options in Goa that it makes it difficult for a tourist to choose one. To make it easier, we have compiled a list of the best New Year parties to attend in Goa this year. Pick the one you like," said Azharul Haque, general manager of a Panaji-based hotel. Tourists are all excited to welcome the new year in the best possible way. "We are planning to go to parties and beaches and will be having great fun here," a tourist said.

Goa all decked up to make New Year's Eve special for tourists

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