Macau Gaming Hub Celebrates 25 Years Of Chinese RuleIsland Has Seen Major Transformation Into World’s Largest Gambling Region |
|
The island of Macau has seen massive changes since China took over the island from the Portuguese. The country recently celebrated 25 years of Chinese rule on Dec. 18 with Chinese President Xi Jinping visiting the city for three days as part of the festivities.
That included a speech in which Xi implored the island’s new leader, the first to be born on mainland China, to diversify the economy away from being so heavily reliant on the casino industry.
“At present the overall situation in Macau is stable, but the internal and external environment is undergoing profound changes,” he said. “Efforts should be made to promote moderate economic diversification… focus on cultivating new industries with international competitiveness.”
Going Through Changes
Macau functions as a special administrative region and is the only place in China with casino gaming. The industry accounts for about 80% of regional tax revenue. The island of 750,000 people has seen a considerable transformation in the two and half decades since China took over.
American companies like MGM Resorts, Las Vegas Sands, and Wynn Resorts have moved in to operate luxury casinos catering to wealthy Chinese mainlanders, although revenue has decreased since COVID and the industry has started catering to more small-stakes gamblers.
Once a quiet locale, Macau has since become a massive tourist destination and is known as the “Las Vegas of the East.” The gross domestic product has risen by four times to $68,000, higher than some European countries.
The casino industry has led to an island economy valued at about $6.5 billion in 1999 to $46 billion in 2023, according to the Associated Press. Local residents are a bit mixed on the results of the casino economy Macau has created. Some have found success working at the resorts and others appreciate the $1,240 annual payments made to residents from gaming taxes.
Others decry the crowds that the casino industry has created and the more limited career opportunities the island now sees. Macau has continued to see rebounding casino revenue, including November numbers that topped industry estimates.
Copyright © 2001-2025
CardPlayer.com. All rights reserved.
