Note the reaction of Macau’s GDP during the Financial Crisis (falling as much as 10% year-over-year), during the Crackdown Crisis in 2015 (falling as much as 25% year-over-year), and then during the pandemic, when it collapsed as its one major industry – gambling – and all related activities were essentially shut down. There are other cities and small countries that are extremely dependent on tourism in all its forms. And they’re facing a similar economic fiasco as Macau.

Collapse in Gambling Totally Crushes Macau’s Overall Economy | Wolf Street