Known as the “Monte-Carlo of the East,” Macau is a worldwide favorite location for getting a glamorous gambling experience. With an estimated 50% of its economy coming from its gambling industry, it’s no wonder that people are flocking to this luxecity in search of the ultimate thrill. As an example, experts on Chinese online casinos from casinohex-cn.com notice, that more and more people are viewing Macau as the gambling capital of the world thanks to globalization and an increased sharing of cultural knowledge. But just how successful is Macau’sgambling industry? In this article, we’ll go over some of the factors that contribute to the success of Macau: The Las Vegas of Asia.
First, a little background
Macau, a less-than-13-square mile region in China, is home to one of the densest populations in the world, thanks to the area’s economic success spurred on by a vibrant network of casinos and gambling halls. Until its inauguration as a SpecialAdministrativeRegion in China in 1999, this geographical area was considered a colony of Portugal since they began using it as an entrepot for trade with Japan and China in 1553.
Rise of Gambling in Macau
Upon its becoming part of Chinaofficially, Macau experienced a boom in its gambling industry. At the time of writing, Macau is not only the largest gambling center worldwide, but it also “holds a legal monopoly on China’scasinogaming.” At four times the size of Las Vegas in terms of yearly revenue, Macau is a Colossus in the worldwide gambling industry. While it is not as well-known in the West, this formerPortuguesecolonyturnedChineseprovinceboastsgamingrevenues of 14.7 billion pounds sterling from just 33 casinos.
As far as investing in this gambling world capital goes, Macau has also experienced exponential success. Its annual foreign investment rate has increased 20 fold over the last twenty years, solidifying its spot as a favorite for success-driven investors around the world. This is largely due to the success of its gambling industry – and in part because of the business acumen of Stanley, known as the King of Gambling, who had a monopoly on the casinos of Macau until his death in early 2020.
The Downside to Success
This economic boom is not without its downsides. Indeed, the gaming industry comes with a special set of downsides, from “compulsive gambling, productivity losses and other social pathologies embodied in local communities,” according to an article from ScienceDirect. The same article also brings up the point that the economic boom of the region and its growing popularity on the world stage of the gambling industry garners the potential for the local population being priced out of the area, leading to a downturn in local business success, as well as the eventual economic suppression of the indigenous cultures of the area and their heritage.
The Culture of Macau
Because of its position as the best city in the world to gamble in, Macau has an incredibly diverse culture. In fact, evenIanFleming (author of the well-loved ‘JamesBond’ book series) called out Macau as one of the world’s most thrilling cities. The city lies close to many traditional temples in addition to boasting some of the largest casinos in the world. While the city definitely embodies its Easternculturalroots, Macau has clear western influences as well, primarily because of its worldwide status.
Overall, the appeal of Macau lies in a variety of factors. First and foremost, its thriving gambling industry combined with a commitment to cultural diversity makes it a favorite for world travelers everywhere. It also boasts promising investment potential thanks to its thriving service-based economy. Lastly, its proximity to historical sites and unique blending of Portuguese architecture with Chinese culture makes it an unforgettable sight-seeing location as well. Its goal as a city seems to be bringing people together from all over the world. Stanley, mentioned above, has confirmed this, saying that he believes it would be a great place to host any international event thanks to its flair for bringing harmony to its visitors. Because if there’s one thing that everyone can agree on, it’s a love of entertainment.
Source: June XU. Writer & Blogger