President Donald Trump has recently named the Chinese gambling hub in Macau in a document cracking down on “foreign adversaries” investments in the U.S.
Las Vegas Sands, MGM Resorts International, and Wynn Resorts operate giant luxury casinos in the Chinese Special Administrative Region (SAR).
The move could hit the three Nevada-based operators’ multibillion total market in Macau, as it could make it harder to procure loans and financial partnerships with Chinese-owned businesses in the area.
Late last Friday, President Trump signed an order to the Committee on Foreign Investment (CFIS). The memorandum told it to tighten rules on financial deals between U.S. businesses and a specific list of countries, including China, Iran, North Korea, and Cuba. It also specifically included Hong Kong and Macau, both Chinese SARs.
Las Vegas Sands in particular has previously been vocal against an increasing trade war with China. Its casinos in Macau made a collective $9 billion in 2024, the bulk of the company’s total revenue. It currently has no U.S. casinos, although it is certainly looking to return to the market.
The Crackdown
President Trump’s order to the CFIS asked the regulator to take up an America First Investment Policy.
It isn’t specifically aimed at the Macau casino business by any means. But the three Nevada-based gambling operators could still be affected.
While the memorandum focused on investments in tech and agriculture, real estate was also mentioned several times. This could be a snag in any potential casino expansion in Macau and other areas of Asia, if — for example –sanctioned lists of blocked Chinese companies are drafted.
Investments from China and the other adversaries could be restricted in ways previously used by the three U.S. operators in Macau.
Private equity, venture capital, greenfield investments, corporate expansion, and investments in publicly traded securities from the listed countries are all under consideration for changes.
Interestingly, Russia also appeared on this list of America’s adversaries, despite President Trump’s recent conciliatory tone with Russian President Putin and his war in Ukraine.
The Potential Consequences
Las Vegas Sands owner Miriam Adelson has been a large financial backer of President Trump. Her late husband and Sands’ founder Sheldon Adelson vocally told Trump during his previous 2016 presidency that an increasing trade war with China could cost him the 2020 election, which Trump did end up losing.
Sands’ stock has been relatively calm recently, even amid the rumbling of Trump’s trade war, and has been mostly trading on a high after bouncing back from a post-election fall.
Share prices did drop 1.5% on Monday as this news of potential Macau investment problems broke in gambling and stock- trading media. The Macau gambling market was at one point five times bigger than Las Vegas. But its post-pandemic recovery hasn’t seen it return to that level.
The giant U.S. gambling operators also have less to lose than the city of Macau. It is the only legal gambling destination in China, providing tens of thousands of jobs and making up to 80% of its tax revenues with its billions of income per year.
However, the Chinese government has consistently had a cool attitude toward its SAR, as it more widely considers the gambling business immoral and corrupt.
David is an online casino expert who specializes in online slots and boasts over 10 years experience writing about iGaming. He has written for a wide range of notable publications, including eSports Insider and WordPlay Magazine.
David graduated Derby University with a BA Degree in English Literature and Creative Writing.
