The Gambling Capital of the World
There is a gambling capital of the world, but not one that has streets lined with casinos. Most of these establishments strive to provide the ultimate gambling experience while maintaining a comfortable environment. In addition, they vary in dress code, with some casinos requiring that you wear a suit and tie while others allow you to wear flip flops or shorts. Paradise Island and Nassau (Bahamas) are among the world’s top gambling destinations.
Macau was a Portuguese colony when it first opened casinos in 1840. The Portuguese looked for new ways to raise revenue and Macau’s administrators approved gambling establishments under a new decree. During that time, Macau was a backward settlement. It lacked the glitz and kitsch that we know and love today. However, it was able to attract a mass market of gamblers and tourists to the city.
Macau’s gambling industry was not always so glamorous. The city’s reputation as a morally questionable area changed dramatically when the first modern casinos opened. During the 1920s, Stanley Ho led a syndicate to win the rights to the gaming monopoly. This resulted in a rash of gang violence and a violent atmosphere that hid the lives of ordinary citizens. But the government finally recognized Ho’s vision of Macau and gave the city a new lease on life.
Macau, also known as the gambling capital of the world, has a rich history of casino development. In the past, Chinese officials firmly opposed gambling and prosecute illegal gamblers. In response to this new approach, China decided to open the doors to foreign investment in Macau and make it the gambling capital of the world. While it is still prohibited in the mainland, the Macau government decided to channel this pent-up demand in the territory, opening the city to international investment and foreign gaming.
In recent years, the gambling industry has thrived in Macau. Once a Portuguese colony, Macau is now a global gambling hub, generating more revenue from gambling than the state of Nevada combined. This growth was largely the result of massive globalization in Asia and the success of foreign multinational casinos in Macau. The presence of Macau casinos in the region is a major factor for Macau’s reputation as the gambling capital of the world.
In 2017, Macau’s gaming revenue represented 84% of the total government revenue in Macau, compared to 79% in 2014. The percentages may not seem large, but the difference is enormous. In 2014, Macau casinos generated $20.1 billion in taxes, compared to $15.7 billion in 2017. The reduction of government revenue coincides with the decrease in revenue. The decline in taxes has fueled Macau’s economy. This is due to the fact that the gambling economy is largely dependent on tourism and the huge tax income generated by Macau.
Corruption in Macau took on massive proportions in the 2000s, when corrupt officials would travel to the gambling capital to launder kickbacks and return to their homes even richer. Fortunately, Macau has now become the gambling capital of the world, but it is not without its share of scandal. In fact, it now exceeds Las Vegas’ revenue by three times. Macau’s casinos are a major draw for tourists, and are home to the world’s most lucrative gambling facilities.