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Casino Capitalism

859 Words4 Pages

Abstract
This paper explores the Gambling Tourism Cluster in Macau. With the legalization of gaming, it’s easy accessibility and high income of individuals in countries of demand lured high rollers into its casinos. Macau grew rapidly and the “Casino Capitalism” soon became the economic backbone by contributing largest tax revenue and becoming the leading employing sector. However, there have been concerns of over-supply, hostility to visitors, social impacts of gambling, labour shortage, competition from other Asia-Pacific regions, the current situation of currency fluctuation, etc. are the potential challenges for Macau’s gaming sector and pose as a threat to its reputed success as Las Vegas of the East.

Introduction …show more content…

Total territory is only 30.4 square kilometres with 9 square kilometre on a peninsula connecting China and some southern islands of Taipa, Cooane and Co Tai, essentially urban, an area of land reclaimed from the sea measuring 5.2 square kilometre which is linked by bridge and causeway. (Geography and Population Geographical Location, n.d.) Its estimated population was 425,448 people in 1999, and currently stands at 597,126 (Macao Population, n.d.). Current female population is 310,506 (52.0%) and current male population is 286620 (48%).Also, there has been a gradual increase in the labour force from 293,300 to 400,900. During the similar period, there has been an increase in non-resident workers from 66,769 to 182,246, out of which 116,941(64.16%) has come from mainland China. Triple increase in non-resident workers shows the amount of their weight in the local economy. This creates economic challenges for the Macau. Majority of the population lives in urban area amounting to 99.5 %. Its currency is Macanese Pataca (1USD = 8 MOP, 1 Renminbi = 1.2 …show more content…

In 1937, “Tai Heng” company was granted the first license to run the gambling industry. In 1961, when the monopoly franchise expired, Sociedade de Turismo e Diversoes de Macau (STDM) won the public bidding and operated till 2001.
In 2001, Macau SAR issued licenses to three companies to increase market competition in order to increase the public revenue. Out of the 21 bidding companies, the Sociedade de Jogos de Macau, S.A. (SJM), Wynn Resorts (Macau) S.A. and Galaxy Casino, S.A. received the gaming concession. Concessions were doubled in 2002 by granting the license to MGM, LVS subsidiary Sands China and Melco Crown.
These 20 year old concessions are due to expire in 2020 and 2022. Competitors are keeping an eye on the unexpected offers by Macau

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