History of the gambling in Macau

01/07/2009 - 17:12 / Posted by nicolae

Macau old map

In an attempt to generate revenues for the government, gambling in Macau was legalized in 1847. In the late 19th century, the government introduced a licensing system for the fantan houses (Chinese gambling houses). It is reported that over 200 gambling houses were required to pay gambling rent to the government. 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. The industry saw a major breakthrough in 1962 when the government granted the Sociedade de Turismo e Diversões de Macau (STDM), a syndicate jointly formed by Hong Kong and Macau businessmen, the monopoly rights to all forms of gambling. The STDM introduced western-style games and modernized the marine transport between Macau and Hong Kong, bringing millions of gamblers from Hong Kong every year. The license was extended in 1986 for another 15 years but expired at the end of 2001.

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, Las Vegas Sands, Galaxy Entertainment Group, the partnership of MGM Mirage and Pansy Ho Chiu-king, and the partnership of Melco and PBL. Today, there are 16 casinos operated by the STDM, and they are still crucial in the casino industry in Macau, but in 2004, the opening of the Sands Macau ushered in the new era.

This guide is licensed under the GNU Free Documentation License. It uses material from the Wikipedia.

Video: Wynn Hotel Macao Tree of Prosperity

No 1 in Gambling