| The Macau Peninsula is the northernmost region connected to the Chinese mainland and attracts tourists from around the world. The Macau's International airport is in Taipa, an island to the south of the Peninsula. Macau's first golf course is in Coloane and the second is in Cotai, which joins Taipa and Coloane.
Macau was originally known as Haojing (Oyster Mirror) or Jinghai (Mirror Sea). The name Macau has been derived from the Templo de A-Ma, temple a dedicated to Matsu-the goddess of seafarers and fishermen, built in 1448, named by Portuguese.
Macau is a founding member of WTO. It has economic and trade relations with more than 120 countries and regions mainly with Portuguese as mother tongue. Macau is a member of the IMF as well. It has been certified by the world bank as a high income economy and the average growth rate of its economy is app. 13.1% between 2001 and 2006. The US and most other developed economies have a growth rate closer to 3-4%. That goes to show how prosperous the place has been over the last few years.
The gambling industry here was started in 1962 under a Government issued monopoly which ended in 2002. After that, six casino operating concessions and sub concessions were granted to Sociedade de turismo e Diversoes de Macau, Wynn Resorts , Las Vegas Sands, Galaxy Entertainment group, the partnership of MGM and Pansy Ho Chiu-King, and the partnership of Melco and PBL. In 2004, the Sands Macau was opened, which would turn out to be a major turn in the area’s popularity. Macau’s biggest economic boom happened in 2004, with the growth of 28% in GDP powered by gambling and tourism. To improve facilities and impress people for gambling, American firms such as Wynn Resorts and Las Vegas Sands Corporation made impressive changes and tourists started visiting Macau from countries like South Korea and Singapore.
Macau has 28 casinos. The biggest is the Venetian Macau. They all operate under a government franchise and under a common set of rules. Many forms of gambling are legal there such as Blackjack, Baccarat, Roulette, Boule and Slot Machines. The most popular gambling game is Baccarat which generates approximately 70% of total gambling revenue.
In 2007, Macau had record gambling revenues and grew at a much faster rate than any other gaming city including Las Vegas. The Asia-Pacific’s tremendous economic boom combined with the overall trend moving away from conservative socialist economies to liberal democratic societies has led to a sweet spot where gambling is increasingly accepted as a form of entertainment compared to an avenue to generate wealth. Macau is reaping the benefits of this change and likely to grow in popularity and affluence in the next few years.
For the Chinese, the color red and the number eight are lucky, so the next time you plan a trip to Macau, don’t be surprised to see red tables and lounges called Lucky Eight in more places than one. Happy gaming!
David Kaleky owns and operates the leading and the oldest Atlantic City site about Atlantic City Hotels and Atlantic City Shows |
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