Macau Nightlife

Macau's economy is based largely on tourism, much of it geared toward gambling. Other chief economic activities in Macau are export-geared textile and garment manufacturing, banking and other financial services. The clothing industry has provided about three quarters of export earnings, and the gaming, tourism and hospitality industry is estimated to contribute more than 50% of Macau's GDP, and 70% of Macau government revenue.

Macau is a founding member of the WTO and has maintained sound economic and trade relations with more than 120 countries and regions, with European Union and Portuguese-speaking countries in particular; Macau is also a member of the IMF. World Bank classifies Macau as a high income economy and the GDP per capita of the region in 2006 was US$28,436. After the Handover in 1999, there has been a rapid rise in the number of mainland visitors due to China's easing of travel restrictions. Together with the liberalization of Macau's gaming industry in 2001 that induces significant investment inflows, the average growth rate of the economy between 2001 and 2006 is approximately 13.1% annually. In a World Tourism Organization report of international tourism statistics for 2006, Macau ranked 21st in terms of tourist arrivals and 24th in terms of tourism receipts. From 9.1 million visitors in 2000, arrivals to Macau has grown to 18.7 million visitors in 2005 and 22 million visitors in 2006, with over 50% of the arrivals coming from mainland China and another 30% from Hong Kong. Macau is expected to receive between 24 and 25 million visitors in 2007. Since the Handover, Triad underworld violence, a deterring factor for tourists, has virtually disappeared, to the benefit of the tourism sector.

Starting in 1962, the gambling industry had been operated under a government-issued monopoly license by Stanley Ho's Sociedade de Turismo e Diversões de Macau. The monopoly ended in 2002, and several casino owners from Las Vegas attempted to enter the market. With the opening of the Sands Macau, the largest casino in the world as measured by total number of table games, in 2004 and Wynn Macau in 2006, gambling revenues from Macau's casinos were for the first time greater than those of Las Vegas Strip (each about $6 billion), making Macau the highest-volume gambling centre in the world. In 2007, Venetian Macau, the second largest building in the world, opened its doors to the public, followed by MGM Grand Macau. Numerous other hotel casinos, including Galaxy Cotai Megaresort and Ponte 16, are also to be opened in the near future. In 2002, the Macau government ended the monopoly system and six casino operating concessions and subconcessions are granted to Sociedade de Turismo e Diversões de Macau, 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.