To the surprises of Americans the most is that Las Vegas is not the gambling capital of the world. But that honor goes to the City of Macau, which is located just one hour from Hong Kong. Macau alone generates more than three times the revenue of Las Vegas. Due to its high income from gambling losses.
Macau is the richest country in the world for its gambling. Its GDP per capital is $ 115,000, or more than double that of New Orleans.
Because of the large annual returns from casino taxes, the Macau government already pays each permanent resident more than $ 1,200 per year.
So that Macau can be filled with top casino properties from around the world.
Many American companies already have casinos there, such as those from Japan, Portugal, and China. The Venetian Hotel in Macau is one of the best places to visit. It is the largest casino in the world and the largest single structure hotel in all of Asia, covering an area of 10,500,000 square feet.
Macau was also the last European colony in China, since the city was finally handed over to China in 1999. Portuguese remains Macau’s official of language. With such strong influence from Portugal, Macau has world-class Portuguese is famous restaurants.
These include A Petisqueria and Antonio Restaurant. Most of these Portuguese restaurants are located in the Old City area of Macau.
Macau attracts people from all over the world to play gambling, and also has a large population from India. That way, there is delicious Indian food to be found in Macau. Golden Peacock, which is located within the Venetian, is the city at its best.
This Michelin starred restaurant prepares dishes from various regions in India.
History About Macau Being Gambling Capital Of The World
What comes to your mind when you hear the phrase of “The Gambling Capital of the World“? of course this is not Las Vegas as we have explained in the first paragraph.
Although Macau was the only true title holder, it was previously compared to a city with neo lights already located in the Nevada desert. However, for a long time, Macau was not called the capital of anything.
The fact is to outsiders from the west, the city is often described as Monte Carlo in Asia, one of the first European casinos, or las vegas in the East, but that only happened in the 20th Century.
Neither of these descriptions match the fairness of the city today. Property tycoons and media lords have been pushed in to spend large sums of money on high-stakes baccarat games and Hollywood often chooses city casinos to record popular film sessions.
Of course this is, Macau was not always the center of gambling it is today. Its transformation began in 1960 when one patron of gambling.
Stanley Ho, has a passion for creating the perfect environmental setting where casinos will thrive and become a multi-billion industry. But first, let us note some important facts about Macau and its recent history.
How Did the City of Macau Become the Gambling Capital of the World?
Back in 1840, when Macau was already ruled by the Portuguese, local administrators looked for additional sources of income to add to the king’s coffers.
They ultimately decided to use representatives as a reliable way to earn extra money, and gambling houses were among the approved activities that were allowed under the new decision.
According to Camilo Pessanha, a Portuguese poet living in Macau at the time, the small settlements that were rapidly retreating were turned into (A Pile Of Material And Moral Trash). There is no glitz or kitsch in Macau today and it will continue for a while.
However, in the 19th century, residents of Hong Kong and southern Tiongkok already found the application too difficult to refuse.
The aliens flocked across the border and just as it was raining, the Portuguese king’s coffers were quickly starting to fill up. In fact, customs have not changed much since then.
Even today, gambling has deep roots in Macau. Speaking of mistresses, modern Macau architect Stanley Ho had four wives and 17 children and left his kingdom to fight among family members after he died in May 2020 at the age of 98.
Who is Stanley Ho &Why Can He Build Macau?
Turning a morally dubious city into the gambling capital of the world is no easy task. The first sensible change came in 1920 when the first modern casinos took shape, if not entirely.
This change actually took place in the 60s when Stanley Ho stepped in with his syndicate which secured the gaming monopoly license and defeated the so-called Macau casino barons. Ho will establish the Sociedade de Turismo e Diversões de Macau (STDM).
With Ho in dominate, the industry will develop by itself, although by the time he died, the grandfather of the gambling industry in town had about a third of it.
So he didn’t leave without a bang, already caught up in an internal dispute with her two children.
Casino operation already generated huge tax revenue for the government, in 1001 it was 40% of all collected tax revenue.
Ten years later, the government revenue from casino gambling taxes accounted for 81% of all collected tax revenue. Now this massive change is the result of the decision to open the casino industry and invite foreign companies to compete for funds for casino licenses.
For 2001 years, only one company was licensed to operate a casino and the company called is “Sociedade de Turismo e Diversões de Macau, SA (STDM)”.
Since 2002, casino licenses have been granted to several foreign multinational companies and joint ventures.
This includes major companies from Australia, Hong Kong, and the US, with well-known names from Vegas, such as Las Vegas Sands, MGM, Galaxy, and Wynn Resorts.
They all invested heavily in a massive new casino resort complex, with luxury hotels and upscale shopping centers. Given the small size of Macau initially consisting of a mainland peninsula and two small islands measuring 11.6 square kilometers in 1912 a land reclamation project was needed to accommodate a growing industry.
As of 2010, the area measures 29.7 square kilometers, including 6 square kilometers of new land connecting the small islands of Coloane to Taipa, which play host to a large casino complex.
The new casino already provides several job opportunities for local residents, but the bigger impact on the economy is the number of tourist visitors and the tax revenue it can generate.
After a decade of growth in gaming revenue continued to increase with the opening of new casinos.
Tax revenue from this sector peaked in 2014 and then declined after China’s president, Xi Jinping, launched a widespread anti-corruption campaign.
The VIP storage room in Macau is seen by the government in Beijing as a massive capital leak from the Chinese economy. Most of the big money wagered by these VIP players is seen as the result of corruption and bribery in Mainland China.
In 2014, gambling tax revenues accounted for 84% of the Macau government’s total revenue. So in 2017 that figure fell to 79%. But this percentage hides the decline in the actual amount already available to the government, from US $ 20.1 billion in 2014 to US $ 15.7 billion in 2017.
This is because some Chinese elites avoid Macau casino premises to avoid scrutiny during Xi’s corruption crackdown. that had happened at that time. Casino revenues are now starting to stabilize, helped by a move in Macau from relying on the VIP sector and towards a mass entertainment market.
So that the government has also encouraged diversification outside the casino game room and, like Las Vegas, wants to attract exhibitions and events to be held there.
The new bridge linking Macau to Hong Kong should support increased tourist visits by reducing travel to the region, further supporting diversification.
But Macau will have to increasingly compete with its neighboring rivals. The anti-corruption campaign encourages Chinese gamblers to visit other Asian casino destinations, including new resorts in Singapore and Manila in the Philippines.
Modern Macau is built on the rise of China and the increase in wealth of its citizens that it has generated. Macau’s continued success hinges on its ability to attract Mass market gamblers, along with other tourists. As a destination for holidays. As China’s middle class continues to grow, they must also guarantee a stable supply for the coming year.
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