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Macau Boom-Bust Comes Full Circle Under Xi as $111 Billion Lost

Any hope that Macau’s casinos would weather Chinese President Xi Jinping’s anti-graft campaign is quickly fading amid a stock-market rout that erased $111 billion of value.

The CHART OF THE DAY shows the combined market capitalization of the six main Macau casino operators fell in morning trading on Thursday below the $88.5 billion level when Xi was made head of the Communist Party on Nov. 15, 2012. While the industry reached a peak value of $198 billion in January 2014 as gambling revenues jumped, operators have since tumbled as Xi’s crackdown deterred VIP gamblers from the mainland.