The gambling business is still dependent on the prosperity of other Asian economies, especially that of China. However, the gambling industry is also a source of instability in the Macau economy, as the nature of the gambling business is not susceptible to technological advancement or productivity growth. At this moment, according to official statistics, gambling taxes form 70% of Macau's government income. It also attracted more tourists to Macau. This opened the gambling market for competition and increased government tax revenue significantly. In 2002, the government signed concession contracts with two Macau gaming companies, Wynn Resort Ltd. After the handover of Macau from Portugal to China, the SAR released gambling licenses to other companies to eliminate the monopoly played by the STDM. Then there was a 9.1% decrease in 1999, probably due to internet gaming. In 1998, 44.5% of total government revenue was produced by the direct tax on gambling. The percentage remained steady until the late 1990s. Since the early 1960s, around 50% of Macau's official revenue has been driven by gambling. Nowadays, the gambling industry generates over 40% of the GDP of Macau. Macau's economy relies heavily on gambling. Today, there are 16 casinos operated by the STDM, and they are still crucial in the casino industry in Macau. On, the Sands Macau casino opened near the Macau Ferry Terminal. In 2002, the Macau government ended the monopoly system and granted 3 (later 6) casino operating concessions (and subconcessions) to: Sociedade de Jogos de Macau (SJM, an 80% owned subsidiary of STDM), Wynn Resorts, Las Vegas Sands, Galaxy Entertainment Group, the partnership of MGM Mirage and Pansy Ho Chiu-king, and the partnership of Melco and PBL. During this transition, there were no changes to gambling policy in Macau. Macau was transferred to the People's Republic of China in 1999 and became a special administrative region of China.
#THE EAST SIDE GAMBLERS THE BIG MACHINE LICENSE#
The license was extended in 1986 for another 15 years but expired at the end of 2001. The STDM introduced Western-style games and modernised the marine transport between Macau and Hong Kong, bringing millions of gamblers from Hong Kong every year. The industry saw a major breakthrough in 1962 when the government granted the monopoly rights to all forms of gambling to Sociedade de Turismo e Diversões de Macau (STDM), a syndicate jointly formed by Hong Kong and Macanese businessmen. The company was, however, too conservative to fully exploit the economic potential of gambling. The second casino monopoly concession was granted to the Tai Heng Company in 1937.
It is reported that over 200 gambling houses were required to pay gambling rent to the government. In the late 19th century, the government introduced a licensing system for the fantan houses (Chinese gambling houses). In an attempt to generate revenues for the government, gambling in Macau was legalized by the Portuguese government in 1849. Macau is the pre-eminent gambling capital of the world, grossing the highest amount of gambling/gaming revenue and greatly dwarfing all the other gambling centers/cities. Macau, a special administrative region like Hong Kong, is the only place in China where casinos are legal, and the business has grown at an astounding pace since 2001, when the government ended the four-decade gambling monopoly of the Hong Kong billionaire Stanley Ho. At the present time, Macau does not license online gambling operations. Generally, gambling in Macau can be divided into one of four categories: casino games, greyhound racing, sports betting, and lotteries. Until Western-style casino games were introduced in the 20th century, only Chinese games were played, the most popular being Fan-Tan. With the entry of large foreign casinos from Las Vegas and Australia, Macau overtook the Las Vegas Strip in gambling revenues in 2007. Visitors are made up largely of Chinese nationals from mainland China and Hong Kong. Gambling tourism is Macau's biggest source of revenue, making up about 50% of the economy.
Since then, Macau has become known worldwide as the "Gambling capital of the world" or " Monte Carlo of the East". Gambling in Macau has been legal since the 1850s when the Portuguese government legalised the activity in the autonomous colony.
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