The Gambling Capital of the World – Macau
Macau is a tiny island located near Hong Kong. The former Portuguese colony nowadays has the legal status of an autonomous region of China. This vibrant island is the home to an intriguing culture and is also known as the gambling capital of the world. Its total casino revenue is three times that of Las Vegas.
Why Is Macau the World’s Gambling Capital?
In the article below, we will explain how Macau became the gambling capital of the world, but let us give you a brief overview first. Gambling in Macau was legalized in the 1850s, while the island was still under Portuguese control. The sector expanded significantly throughout the years, and in 2007, Macau surpassed Las Vegas in gambling revenue.
Today, there are more than 40 casinos in Macau. Most of them are located on the Macau peninsula. They compete with the best payout casinos in the UK nowadays. The rest are situated in Cotai. Since gambling is legal, all of them are licensed and regulated.
The History of Gambling in Macau
As far back as the 1850s, the Portuguese government decided to make gambling legal in Macau. The reason was largely financial, as the state was seeking to generate more revenue. The Portuguese were quite serious about this, and in the late 19th century, they introduced a clear and comprehensive licensing system.
The local gambling establishments, also called fantan houses, had to pay to the government to operate legally. The introduction of this legislative measure saw over 200 fantan houses waiting in line to pay their dues. Thus, the industry grew under state supervision. On one hand, this made players feel safe and protected.
On the other, the government managed to generate significant gambling revenue. However, things got a real boost in 1962, when the authorities made the significant move to grant a monopoly over all gambling formats to a syndicate run by business people from Hong Kong and Macau. The organization was called Sociedade de Turismo e Diversões de Macau (STDM).
What STDM did to develop the gambling industry on the island was to introduce Western-style gambling. It went a few steps further to make marine transportation between Macau and Hong Kong more convenient and accessible. Thus, billions of tourists began flocking from Hong Kong each year. While STDM did pretty well, its license finally expired in 2001.
Meanwhile, Macau became a part of the People’s Republic of China in 1999. The Chinese government put a stop to the monopoly system in 2002. What it did instead was to grant six casino operating concessions and subconcessions. One of them was awarded to Sociedade de Jogos de Macau, which is a subsidiary of STDM. Thus, STDM today still operates a total of 16 casinos on the island.
Macau’s Gambling Revenue
Gambling is a significant source of revenue for Macau’s economy. It produces over 40% of the GDP of the gambling capital of the world. Further, gambling taxes form about 70% of the local government’s income. The reason largely lies in the fact that the island’s casino market has opened up to international competition, which has lead to an increase in tax.
Nonetheless, Macau still faces certain challenges. To begin with, other Asian economies have embarked on the quest of raising gambling revenue. The Covid-19 pandemic also impacted the market significantly. Still, Macau has managed to hold its premier position as the top most-desired casino destination.
What Kinds of Gambling Exist in Macau?
Macau is home to a wide variety of gambling forms. At present, there are over 40 casinos that offer popular games like slot machines, blackjack, roulette, baccarat, boule, keno, Fan Tan, Sic bo, etc. Interestingly enough, poker first appeared in Macau in 2007. However, it quickly grew in popularity and is nowadays one of the most frequently played games in the gambling capital of the world.
What Are Some of the most popular casinos in Macau?
By far, the most popular casino in Macau is The Venetian. It is the world’s biggest casino and is the property of the Las Vegas Sands, a gambling corporation in the US. It has 640 tables and 1,700+ slot machines. The amenities include a Michelin-star restaurant and 3,000 guest suites.
Another one is the locally-owned Wynn Palace. It offers 1,000+ slot machines and 350+ tables, where you can play poker, baccarat, blackjack, roulette, and more. In addition, it is the world’s only resort with 1,000+ rooms that has received the Forbes Travel Guide Five Star Award.
The Grand Lisboa focuses entirely on gambling and frequently hosts the best poker tournaments in Asia. The casino floor offers close to 900 slots and 230 tables. The Grand Lisboa is also the tallest building in Macau.
Horse and Greyhound Betting in Macau
Macau is not only known for its casinos. Fans of horse- and dog racing can have plenty of fun in the gambling capital of the world. Horse-racing enthusiasts gather at the Macau Jockey Club on Tuesdays, Saturdays, and Sundays. Those who wish to bet on greyhounds can do so at the Canidrome any day except for Tuesday and Wednesday.
Frequently Asked Questions (FAQ)
To conclude our review on Macau, the gambling capital of the world, we invite you to visit our comprehensive FAQ section. The answers below will give you a pretty detailed idea of the local betting environment and will help you find the information you need quickly and effortlessly.
1️⃣ How many casinos are there in Macau?
Macau is known as the “Monte Carlo of Asia” or the world’s gambling capital. There is a fairly good reason for that. The small island is home to over 40 amazing casinos. Gambling has become a major pillar of Macau’s economy, with billions of bettors visiting each year.
2️⃣ When did gambling become legal in Macau?
The Portuguese government legalized gambling in Macau in the 1850s. This was the first era of gambling history in Macau. Soon enough, a comprehensive licensing system was put in place, and the local fantan houses began to flourish. When Macau became part of the People’s Republic of China, gambling still remained legal.
3️⃣ What is the significance of gambling for the local economy?
Gambling has been a major source of income for Macau. According to statistics, it accounts for more than 40% of the island’s GDP. The local government’s income from gambling taxes is estimated at around 70%. While the global Covid-19 pandemic took its toll on the island’s casinos, the industry is still flourishing.
4️⃣ What gambling games can I play in Macau?
Macau is rich in all sorts of gambling games. You can play slot machines, roulette, baccarat, blackjack, and more. Poker is relatively new to the island. However, Macau hosts some of the most prominent Asian poker tournaments. Horse and greyhound betting are also allowed.
5️⃣ What are the best casinos in Macau?
With more than 40 casinos in Macau, the island offers sufficient choice for every type of gambler. Some of the most renowned casinos include The Venetian, Wynn Palace, and the Grand Lisboa. However, there are many more excellent establishments you can visit to have an amazing experience.