Gaming Industry in Macao Essay Example | Topics and Well Written Essays - 2500 words

Gaming Industry in Macao - Essay Example Monopoly to Liberalisation In the year 1961, the monopoly offered to Tai Hing Company expired. As a consequence, new tenders were invited for the casino operation in Macao. In the year 1962, the Sociedade de Turismo e Diversoes de Macao (STDM) was allowed to have casino concession. On the first January of the same year, STDM was able to successfully take over the gambling franchise. Since the time, gambling has established its own industry. In the process, western games like roulette, blackjack, and craps were introduced as significant games. Undoubtedly, with the passing time, Sociedade de Turismo e Diversoes de Macao (STDM) has emerged as the best known and largest business group in Macao and at the same time it has played a significant role in the territory’s development. The group was established as well as managed by Stanley Ho, who put his effort to introduce it as a mere gambling character, rather as an entity to develop tourism and the entertainment business encouragin g new prosperity for Macao by enhancement of the welfare and living standard of the common citizen of Macao (World Casino Directory Staff, 2011). The Gaming Industry: New Pattern In the month of August, 2001, the Legislative Assembly had officially established Gaming Industry Regulatory Framework. The framework had given an appropriate meaning to the ‘casino’ and ‘ gaming’. The framework had also laid out regulations for concessions system as well as introduced conditions and process for bidding. At the same time, the Casino Concessions Committee was established to be responsible for the works which are responsible to tender invitation and bidding. After a series of tender invitation and evaluation across the globe,... The gaming industry in Macao started back in the year 1934, when for the first time the government in there granted monopoly rights for casino operation. The first monopoly right or exclusive franchise went to Tai Hing Company. At the very first stage, Chinese games were played in Macao. The most ancient game played in the region was believed to be Fantan. The game was supposed to be played with buttons. In this game, the players are required to guess the number of remaining buttons in a cup of buttons with the total number of buttons being divided by four. Another Chinese domino game named as Pai Kao was also considerably popular. The recent recession has put an adverse effect on the industry. The region’s gross gambling revenue from the year 2007 to the year 2008 has increased by 31 %. However, from thereon, the gambling industry has witnessed an obvious downturn trends due to the global financial crisis. Macao is blessed with rich and contrasting cultural characteristics and can be vividly described. The place is strategically located at the Pearl River Delta at the South-eastern coast of Mainland China. This has also been significant to make it an important tourist place. Since many years, the place is known for its enriched gaming Industry. The place is exemplary in exhibiting the tuneful co-existence of both gaming and cultural attractions. Undoubtedly, the industry has been considerable contributor in the economic growth of this region. However, at the same time, it must look at the adverse impacts arising from the expansion of the gaming industry in there. The government must look into the matter carefully to enhance the positive impacts of the gaming industry by curbing out the adverse effects of the same.