Casino Industry in Macau - 2721 Words

The Casino Industry in Macau Research Question I intend to evaluate the Casino Industry in Macau including the reasons for its high demand and growing success and compare it to the Casino Industry in Las Vegas. The gaming industry is the livelihood of Macau. It is responsible for 75% of the government’s income and provides the people of Macau with millions of jobs. Even though gambling was first legalized under Portuguese rule to finance the government, it remains the same under Chinese rule today. The rules and regulations set forth oversee the casino industry and grant companies with casino concessions. It is dramatically more profitable than Las Vegas because of the devastating effects of the American Recession. Introduction†¦show more content†¦This only attracted more tourists to the country and encouraged locals to gamble more. The construction and operation of new casinos also dramatically increased employment rates. Who Regulates the Casino Industry in Macau? After the casino monopoly ended in 2001, the government formed rules and regulations that would administer the gaming industry. The dissolution of the monopoly meant that companies besides STDM were now allowed to build and operate casinos in Macau. Theses rules and regulations were to ensure that the new casinos were operating properly and â€Å"fairly† (Loughlin and Pannell). Soon after the monopoly ended, the Legislative Assembly passed a law (No. 16) that clearly outlined the definition â€Å"gambling† and â€Å"casino†. The law stated what would be acceptable and what would not be acceptable in terms of gambling in Macau. It also explained the guidelines for the concession system and the procedure for bidding. In order to enforce these rules and regulations, the Legislative Assembly established the Casino Commissions Committee. This committee consists of eight members and is overseen by the Secretary of Economics and Finance. At the time of its establishment, this man was Francis Tam Pak Yuen. The bidding process began in November of 2001. The Casinos Commissions Committee started to give prospective investors information about building aShow MoreRelatedMacau Casino Industry2740 Words   |  11 Pages Investment Group Project Macau Casino Industry Tuesday 8:30 - 11:20 am Wong Wing Hei Penelope 12141056D Liu Xiaoyu Ivy 10806758D Au Chak Chung 12072495D Wong Yee Ting Gladys 11608217D Introduction The reputation of Macau’s Casino has more than 100 years of history. In recent years, owing to the opening up of gambling industry, this reputation further carried forward. Gambling policy depends not only on local government policy, but also on the tourists’ government policy. The policy of gamblingRead MoreCompetitive Analysis : Wynn Resorts1001 Words   |  5 PagesCompetitive Analysis The strategy would be to expand into the already lucrative Macau casino market with one of are most successful casino/resort in the Las Vegas area, the Bellagio. MGM already has a foothold hold in Macau Market, which is provided due to a partnership with Pansy Ho and the successful MGM Macau. The main competition in this area is: Las Vegas Sands Corp. (LVSC), which have 7 properties in the Macau area, Galaxy Entertainment Group (GEG), which have 3 properties and Wynn ResortsRead MoreThe Competition Of The Gaming Industry1600 Words   |  7 Pagesgaming industry in Macau is very competitive as it is the only jurisdiction within China where casinos are legal. Before 2003, there was a restriction on the entry of citizens into Macau when it was operated by Stanley Ho’s S.T.D.M as a monopoly. 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(LVSC), which have 7 properties in the Macau area, Galaxy Entertainment Group (GEG), which have 3 properties and Wynn ResortsRead MoreFILIPINOS IN MACAU Essay939 Words   |  4 Pagesï » ¿FILIPINOS IN MACAU INTRODUCTION In the past few years, Macau has become an international destination. The liberation of gaming license had bought about large foreign investments and facilities infrastructure. Macau, a sparkling metropolis at night, is home to thousands of overseas Filipino workers . One of its eye-catching characteristics is certainly its large Filipino community. Filipinos represent the second largest group of non-resident workers in Macau after mainland Chinese. It also becomesRead MoreWynn Resorts Limited878 Words   |  4 Pagesengages in the development, ownership, and operation of destination casino resorts. The company owns and operates two casino resort complexes in Las Vegas, the Wynn Las Vegas and Encore at Wynn Las Vegas with two hotel towers with a total of 4,750 hotel rooms, suites, and villas; 240 table games; 2,195 slot machines; a race and sports book; 1 poker room in approximately 186,000 square feet of casino gaming space, including a sky casino and private gaming salons; 35 fo od and beverage outlets; 2 spas andRead MoreAdvantages and Considerations for Wynn Macau’s Casino2526 Words   |  11 Pagesenter Macau when its gaming industry was liberated and quickly became one of the most profitable casinos in Macau relative to its size. Junketeers have contributed greatly to wins success, along with government initiatives. Though gambling is illegal in many parts of the world, the industry is growing and competition is increasing, particularly in the east By 2015, the Asian gaming market is expected to be the biggest in the world. In order to continue to thrive in this growing industry, Wynn will