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US TikTok and WeChat ban threatens China's economy

US government's recent decision will heavily impact Wynn Resort's business in China

 

Due to disputes over geopolitics, technology, and trade, tensions between the United States and China have escalated to levels we have not seen in decades.

 

In early August, the Washington-Trump administration announced that due to national security reasons, it will be prohibiting anyone in the United States from using WeChat or TikTok and this will take effect in 45 days.

 

Wynn bucks the sell-off on Las Vegas win | Financial TimesThis restriction order for two popular Chinese Media apps-TikTok and WeChat is a very sharp escalation of the government's confrontation with China, and it is likely to face retaliation. 

 

Casino giant Wynn Resort warned the U.S. Government that the growing tension between China and the United States could have a negative impact on its business prospects, including its ability to communicate with customers. 

 

In a recent document submitted by Wynn Resorts to the Hong Kong Stock Exchange, the company pointed out that WeChat has been widely used by Wynn's Chinese customers therefore the US government's recent decision will definitely affect their business in China.  

 

Wynn said: “We cannot determine the scope of the ban at this time, and cannot guarantee that the ban will not adversely affect our communications with certain customers. The increasingly harsh environment, retaliatory and punitive measures against companies and individuals, are threatening the global economy. Stability." 

 

The validity of Wynn’s gambling license in Macau will expire in 2022. He added: “If China-US relations deteriorate further, as a US-owned gaming company, it may have a negative impact on our business and prospects.” 

 

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