Macau: The World's Gambling Capital
Macau—also spelled Macao in English—was a Portuguese colony from the mid-16th century until 1999, when it was handed over to Chinese administration. Today, Macau is one of two special administrative regions of China, the other being Hong Kong. If you thought Las Vegas was the biggest gambling destination in terms of revenue, think again—Macau has far surpassed it.
The Rapid Growth of Macau’s Economy
Macau's economy has skyrocketed over the past decade, mainly due to massive investments in the gambling industry. This boom began in 2002 when the market was opened to foreign investors.
These investors recognized Macau’s prime geographic location near China, as well as the crucial fact that Macau is the only place in Southeast Asia where gambling is legal on such a large scale. Additionally, gambling is deeply ingrained in Asian culture, with many people eager to test their luck at various casino games.
World-Class Casinos and Luxury Resorts
As a result, world-famous casino brands such as MGM, Galaxy, Sands, and Wynn have rapidly established themselves in Macau. The city is also home to Venetian Macau, the world's largest casino and hotel complex, featuring 3,000 hotel rooms, 800 gaming tables, and an exhibition space covering 100,000 square meters. Every year, new luxury casino resorts open, each boasting 2,000 to 3,000 rooms.
Macau vs. Las Vegas: A Revenue Giant
Today, Macau's gambling revenue is seven times higher than that of Las Vegas (in 2012, it was "only" four times higher). This incredible growth has led to extravagant purchases, such as a local tycoon ordering 30 Rolls-Royces for his ultra-luxurious hotel resort—where else but in Macau?
The Economic Impact of Gambling
Gambling and tourism account for an astonishing 80% of Macau’s total government revenue. Because of this heavy reliance, the government is actively working to diversify the economy by making investments in infrastructure, healthcare, and environmental sustainability.
Macau in Film & Pop Culture
Macau's casinos have made their way into popular films, including the classic James Bond movie The Man with the Golden Gun (1974) and the more recent Bond installment Skyfall (2012).
Article was originally published on: 03.11.2012.
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Based on the original Czech article: Macao – největší centrum hazardu na světě.