Economic's Aspects of Macao
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 STDM. 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 [3].
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.
[edit] Gambling forms
[edit] 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 (known 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
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 STDM. 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 [3].
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.
[edit] Gambling forms
[edit] 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 (known 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