For those who think that Las Vegas is the world’s leading gambling destination, they need to step into the 21st century. There is a new king of the world when it comes to gambling, and that king is Macau. The Chinese territory was owned by the Portuguese for hundreds of years, but like Hong Kong it came back under Chinese control in 1999.
Like Hong Kong, Macau retained much of its independence after it became a Special Administrative Region in China. Although it is technically part of China, it still is administered under its own government. This government decided that it would look to gambling as a way forward once it was freed from Portuguese rule. This was a stroke of genius that has led to one of the world’s quickest explosions in economic growth.
The Chinese Are Gamblers
Of all the places in the world to open up a casino boom town, Macau is undoubtedly the best location. According to allpro the Chinese people love to gamble. It has always been a very important part of their culture, but the Chinese Communist regime outlawed all casinos after Mao took over. Though they have not had official casinos to play at, that has never stopped the Chinese people from enjoying games of chance.
With the sudden creation of a gamblers’ paradise just outside the Chinese mainland, it was a feeding frenzy the likes of which has never been seen before. Chinese visitors flocked to enjoy one of their favorite pastimes out in the open for the first time in their lives, and the boom was on. They have never stopped coming, and that has led to the creation of a casino city that takes in four times more revenue every year than Las Vegas does.
The visitors are both rich and poor. The poor arrive in cramped buses, blowing a month or two worth of wages in a few days. The rich are treated just like the whales that once flooded into Las Vegas during its heyday. These Macau whales are helicoptered in and shown the royal treatment, having every one of their whims catered as they drop millions of dollars during a single visit.
One of the things that is so impressive about the success of Macau is that its success is built almost exclusively on Chinese gamblers. While a few foreigners drop in from time-to-time, most of them are tourists who are already on vacation in China. Few foreigners make a special trip to come see Macau like they would other gambling destinations like Las Vegas or Monte Carlo.
Foreign Investors
The success of Macau has not been lost on gambling executives the world over. Australian and Las Vegas casino tycoons have built properties in Macau, and this foreign capital has created some impressive casino places like the Venetian Macau, a sister property to the original Las Vegas Venetian. It is the largest casino in the world with a staggering 550,000 feet of casino space for gamblers to enjoy.
The opulence of casino palaces like the Venetian Macau is for good reason. A staggering 75 percent of the revenue generated in Macau comes from the high rollers that these palatial casinos are designed for.
The splendor of these casinos is designed for the high rollers, but it also helps to attract gamblers of more modest means. As more and more Chinese continue to share in the financial growth of the country that is set to become the dominant world economic force in the 21st century, it stands to reason that Macau will continue to bring in more gamblers with each passing year.
