Saturday, August 13, 2022

U.S. deems Hong Kong no longer autonomous to China

U.S. Secretary of State Mike Pompeo on Wednesday said he will no longer consider Hong Kong as autonomous to China, a move that will strip the SAR of its special trade status under US law. 

For years, Hong Kong has acted as a middleman for transactions between China and the rest of the world.

Macau’s U.S. casino operators, including MGM China and Sands China, along with Macau-based casino operators including Galaxy Entertainment Group, Melco Resorts, and SJM Holdings are listed under the Hong Kong Stock Exchange. 

The SAR is also home to a number of service providers and consultants to Asia's gaming industry.

“No reasonable person can assert today that Hong Kong maintains a high degree of autonomy from China, given facts on the ground,” Pompeo said.

“While the US once hoped that free and prosperous Hong Kong would provide a model for authoritarian China, it is now clear that China is modeling Hong Kong after itself,” he added. 

Riots broke out in Causeway Bay in Hong Kong over a controversial bill aimed at criminalizing abuse of the Chinese national anthem. Those found guilty could face up to three years prison and a fine of HK$50,000 ($9,800).

It was seen as yet another step in Beijing’s plan to tighten its grip on the SAR. 

Asia Gaming Brief is a news and intelligence service providing up to date market information for worldwide executives on relevant gaming issues in Asia.

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