Casino Macau
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Macau New Gaming Law Approved, Casino Relicensing To Start
Macau is China’s answer to Las Vegas. But the former Portuguese city surpassed the city of lights as the casino capital of the world, and the gambling bill exceeded the entire state of Nevada in 2010. Like an artist’s drawing, it has glittering architecture.
Macau’s story is one of global and Chinese growth. It is a global story because of the involvement of the international casino industry. It is the story of the rise of China as the economic development of its people has led many of them to travel, see the world, and gamble.
Macau returned to Chinese rule in 1999 as a special administrative region, which means it has different laws from the rest of the world. It is the only part of Greater China (which includes China, Hong Kong and Macau) where gambling is legal, making it the only country where gambling is allowed.
In the years before the handover in 1999, the environment in Macau was crowded, with organized crime fighting hard to win access to the promised VIP lounges. These VIP rooms, which host high-stakes games on special occasions, are another reason for Macau’s success. They have created a gambling experience unlike any other casino.
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Macau’s focus is on high-spending customers, with private rooms and exclusive access – rather than public gambling – the most profitable market. The casino is built around the VIP room. These people get contracts with gambling promoters who share the interest of attracting gamblers. These high rollers accounted for 66% of all casino revenue in 2013.
Casino operations generate taxes for the government: in 2001 they were 40% of all taxes collected. Ten years later, the state’s income from gambling taxes amounted to 81% of all taxes collected. The main changes are the decision to open the casino and invite foreign companies to participate in the casino license.
Until 2001, only one company was allowed to operate a casino and for forty years this was the sole operation of a company called Sociedade de Turismo e Diversões de Macau, SA (STDM). Since 2002, many international companies have been granted gambling licenses and partnerships. It includes big companies from Australia, Hong Kong and the United States, with famous names in Vegas, such as Las Vegas Sands, MGM, Galaxy and Wynn Resorts.
They invest heavily in large casinos, luxury hotels and shopping malls. Given Macau’s small size – originally it consisted of a large peninsula and two small islands measuring 11.6 square kilometers in 1912 – land reclamation projects are necessary to allow for industrial development. As of 2010, the area reached 29.7 km, including 6 km of new land connecting the small island of Coloane to Taipa, which is home to a large casino.
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The Venetian Macao, modeled after Las Vegas, is the largest casino in the world. jaefish Ping / Shutterstock.com
These new buildings have provided employment opportunities for local residents, but the biggest economic impact is the number of tourists and income taxes. After a decade of booming gambling revenue and the opening of new casinos, tax revenue from the region peaked in 2014 and fell when Chinese President Xi Jinping launched an anti-corruption campaign.
The government in Beijing has seen VIP gaming rooms in Macau as a major drain on China’s economy. A large part of the huge sums invested in gambling and VIPs have been exposed as bribes and bribery in the continent.
In 2014, gaming tax revenue provided 84% of Macau’s total government revenue; in 2017 it was down to 79%. But this percentage hides the decrease in government revenue, from US$ 20.1 billion in 2014 to US$ 15.7 billion in 2017. This is because many Chinese officials fled Macau’s casinos to avoid scrutiny. it during Xi’s corruption scandal.
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Casino revenues now appear to be stable, helped by moving Macau away from its reliance on the VIP sector and on upmarket entertainment. The government has supported more variety than casinos and, like Las Vegas, wants to attract trade shows and events to the area.
The new bridge connecting Macau and Hong Kong should support increased tourism by supporting regional tourism, supporting diversity. But Macau needs to compete with its rivals. Anti-corruption crackdowns have encouraged Chinese gamblers to visit other casinos, including new resorts in Singapore and Manila in the Philippines.
Modern Macau was built on the rise of China and the wealth of its people this brought. Macau’s continued success depends on its ability to attract large numbers of gamblers, as well as other tourists, as a holiday destination. Although China’s working class continues to grow, it should remain stable for many years to come. Revenue for Macau games in November fell 8.5 percent year-on-year to $2.8 billion, as the title continues to reach the world’s biggest venue. It was the worst fall in a year after seven months of steady growth last year. Revenues are down 2.4 percent annually.
China’s depressed economy, weak currency, and the ongoing trade war between China and the United States have combined to worsen the economy. The recent civil unrest in Hong Kong may also have contributed to the decline in travel to the region.
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The recent attack by Chinese state media on Macau’s biggest business, Suncity, has had a negative impact on the sector’s VIP sector.
The commemoration of the Special Administrative Region (SAR) secession from Portugal has prompted the continent’s authorities to implement stricter visa policies for visitors to Macau. Chinese officials and politicians are expected to descend on the SAR in the coming weeks, officials are preparing the ground.
From November 22 to December 20, tourists entering Macau through the individual visitor program or through a tourist visa are only allowed one visit during that period.
There are also reports that President Xi Jinping himself may be planning a visit, which will make his stay longer. However, Xi may choose to turn the region around because of the Hong Kong protests.
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Analysts warned against comparing 2019 to 2018 – a year of uncertainty for the sector, full of double figures. They forecast a 10 percent year-over-year decline in December, with a slower outlook for 2020, and an annual increase of 3 percent.
Macau on Sunday appointed a new secretary for economy and finance, Lei Wai Nong, to oversee the gaming industry as it begins a tough re-licensing process. Lei is part of a new line of government officials appointed by the new SAR leader, who are pro-Beijing.
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