In line with many other nations, the populace of Macao initially opposed the legalization of gambling. However, the government cleverly navigated this challenging predicament and managed to secure the support of the locals by offering them special subsidies.
How Macau residents get rich through gambling
In the 1960s, the Portuguese colonial government, who ruled over Macao until 1999, legalized gambling as a means to boost the country’s economy. However, the decision faced opposition from the local residents who were hesitant to embrace it. To overcome this challenge, officials had to offer some incentives. They pledged to allocate a portion of the gambling profits to each citizen of Macao, as a way to gain their support.
Macao is presently among the world’s wealthiest nations, ranking an impressive fourth in terms of GDP and boasting a minimal unemployment rate of just 1.7 percent. Despite this economic prosperity, the government continues to disburse subsidies to all 547,000 residents. As per expert evaluations, the per capita subsidy amount in 2013 was roughly $1,200.
What scares Macau gambling house owners
Currently, the gambling industry in Macao is experiencing a slowdown in its growth rate, and consequently, the entire economy of the country is being affected since the state budget heavily relies on this activity. Many experts attribute this decline to a widespread anti-corruption campaign. However, there is an alternative perspective. It appears that many gamblers are transitioning to the online mode, which offers the same opportunities for winning and an exciting gaming experience. For instance, most online casinos provide free slot games, which can be played from the comfort of one’s home. This is why traditional land-based casinos are gradually losing their former appeal. Nonetheless, it is well-known that fierce competition in the gambling industry only benefits the players.
Tourists in gambling Macau
The majority of tourists visiting Macau come specifically to indulge in their favorite slot machines and classic table games. Typically, the majority of visitors are residents of mainland China. Interestingly, high-ranking government officials are considered the most daring and generous gamblers, capable of losing enormous sums of money in a single night spent at a gambling establishment.
The Chairman of China, witnessing the unfolding events and the magnitude of the potential disaster, took action by launching an aggressive anti-corruption campaign in the country, which significantly reduced the revenues of local casinos. This was possible due to the obligation of every official to declare all their expenses and income, which led to a decrease in the income of local casinos.
Loopholes for gambling hobbies
However, this did not deter corrupt local officials who found a way around the situation by obtaining a visa to Hong Kong, which also permits them to stay in Macau, thus concealing the true purpose of their visits.
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