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Gambling in Macau has been legal since the 1850's when the Portuguese government legalized the activity in the colony. Since then Macau has become known worldwide as the " Monte Carlo of the Orient", and Gambling has become a significant part of the city's economy. Until Western-style Casino Games were introduced in the 20th century only Chinese Games were played, the most popular being Fantan . Now, with all the casinos built in the territory including a few number of new ones (some of them are Las Vegas giant companies) opening up soon, Macau is also known as the Asia n Las Vegas . The first casino monopoly concession was granted to the Tai Xing Company in 1937 . The company was, however, too conservative to fully exploit the economic potential of gambling. In 1961 , the government granted the '' Sociedade De Turismo E Diversoes De Macau (STDM)'' the monopoly rights to all forms of gambling. The licence was extended in 1986 for another 15 years but expired at the end of 2001 . Sociedade De Turismo E Diversoes De Macau was found by Stanley Ho , Teddy Yip , Yip Hon and Henry Fok but is now owned only by Stanley Ho and his family. In 2002 , the Macau government ended the monopoly system and 3 (later 6) casino operating concessions (and subconcessions) are granted to Sociedade de Jogos de Macau (SJM, an 80% owned subsidiary of STDM), Wynn Resorts (Macau), Las Vegas Sands, Galaxy Casino, the partnership of Pansy Ho and MGM, and the partnership of Melco and PBL. Today, there are sixteen casinos operated by the STDM, and they are still crucial to the casino industry in Macau, but in Macau 2004 , the opening of the Sands ushered in the new era. Gambling in Macau plays an important role in the games, Horse Racing and Greyhound Racing . There is also sports betting and a number of lotteries. At the present time Macau does not license online gaming operations. ECONOMIC ASPECTS The so-called " Monte Carlo of the Orient", Macau's economy relies heavily on gambling. Nowadays, the gambling industry generates over 40% of the GDP of Macau. Since the early 1960s, around 50% of Macau's official revenue has been driven by gambling. The percentage remained steady until the late 1990s. In 1998, 44.5% of total government revenue was produced by the direct tax on gambling. Then there was a 9.1% decrease in 1999, probably due to internet gaming. After the handover of the Macau from Portugal to China, the SAR released gambling licenses to other companies in order to eliminate the monopoly played by the Sociedade de Turismo e Diversoes de Macau. In 2002, the government signed concession contracts with two Macau gaming companies, Wynn Resort Ltd. and Galaxy Casino. This opened the gambling market for competition and increased government tax revenue significantly. It also attracted more tourists to Macau. At this moment, according to official statistics, gambling taxes form 70% of Macau's government income Bloomberg, Macau Casinos Top Las Vegas as Adelson, Wynn, Battle Stanley Ho, 1/03/2007. However, the gambling industry is also a source of instability in the Macau economy, as the nature of gambling business is not susceptible to technological advancement or productivity growth. The gambling business is still dependent on the prosperity of other Asian economies, especially that of Hong Kong. GAMBLING FORMS Gaming policy Detailed law is enforced in Macau to ensure "qualified operation of gambling" in Macau. The details are listed in Law 16/2001 (regime jurídico da exploração de jogos de fortuna ou azar em casino), and other laws regulating the activity of gaming promoters and credit for gaming. The Gaming Inspection and Coordination Bureau (kown as DICJ) is the main government unit that oversees the operation of different gaming activities. Under Macau law, it stated that a permit issued by the Gaming Inspection and Coordination Bureau is required for the operation of lotteries sales, lucky draw or similar activities, and the initial procedure in the application on the operation of lotteries sales, lucky draw or similar activities is to submit a notification to the relevant government department 10 days prior to the application. Casinos Macau has at least seventeen casinos, of which the biggest is the Casino Lisboa . They all operate under a government franchise and under a common set of rules. Though many forms of gambling are legal there, such as Blackjack , Baccarat , Roulette , Boule , Sic Bo , Fan-Tan , Keno and Tiger Machines ( Slot Machines ). The most popular game by far is baccarat with VIP High-roller baccarat generating more than 70% of total gaming revenue in 2004. Poker was introduced only in August 2007, in an electronic table format at Galaxy Starworld casino. Gambling has been legal in Macau for a long time. From 1851 to 1863 , there was a licensing system for gambling houses. Until 1934 , casino's ownership and operation was centralized. Through private negotiations, some franchises monopolized the operation right of all casinos. The casino industry has been controlled by the Sociedade De Turismo E Diversoes De Macau (STDM) monopoly for 39 years. This changed in 2001 when casino licenses were offered to other casino operators, including American companies like Las Vegas Sands ( Sheldon Adelson ) and Wynn Resorts ( Steve Wynn ). On May 18 , 2004 , the Sands Macau casino opened near the Macau Ferry Terminal . Horse racing Other than casinos, there is betting at the Macau Jockey Club and the dog-racing Canidrome. Horse-racing mainly takes place every Tuesday and Saturday or Sunday at the race-course on the Taipa Island of Macau. The race-course has an area of 450,000 square metres and 18,000 seats for gamblers, and is open only for people over 18 years of age. The Macau Jockey Club was formerly the Macau Trotting Club. In 1991, it was acquired by a consortium led by Dr Stanley Ho . The Macau Jockey Club is one of the largest private employers of Macau with around 1,400 employees and around 1,100 part-timers. |
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