Hollywood studio executives charged with projecting global box-office revenues are putting $0 in the China column. Baccarat tables in Macau sit empty. Singers skip Shanghai concert halls on tour.
American entertainment and leisure industries are facing an unsettling reality: China’s wallet is getting harder to access. The movie, concert and casino businesses, which have resumed activity in much of the world after Covid-19 shutdowns, are among the hardest-hit by the continued limited access to China’s middle class. Companies that once saw China as a vital growth market stand to lose out on billions of dollars in $100 concert tickets, $12 matinee stubs and $5 bets.