Macau has five times more gambling money flowing through it as Las Vegas, reports The New Yorker.
Macau's neon is as bright as its future
This beautiful territory of China has an interesting history. Though technically part of the Republic of China, Macau is exempt from the anti-gambling laws of the mainland. As it was a Portuguese colony for over 500 years, European traditions have entrenched and mixed with its Chinese local flavor to produce an eclectic culture. Macau was only retained by China in 1999.
As China’s economy boomed, Macau’s casinos grew to overtake Vegas’ takings in 2006. These days, seventy thousand people visit Macau daily in search of Lady Luck.
American casino owners are eager to invest in Macau, where the average citizen has a higher salary than the average European. Steve Wynn, father of Las Vegas’ 90s revival, has built a casino in Macau and now it brings in over two-thirds of his revenue. The growth of Macau’s casinos could be that over half its patrons are from the Chinese mainland, and a recent study showed that Chinese gamblers took more risks than their Western counterparts.
Macau’s economy is growing at a massive rate of 19% every year. In fact, the territory is doing so well its government pays its citizens “wealth sharing” bonuses of over $900 a year!
