When Did Gambling Start In Macau
To understand the gambling scene in Macau it is helpful to have a historical background. Gambling was legalized in Macau in the 1850's. In 1962 Stanley Ho gained a monopoly on gambling in Macau through his company STDM, Sociedade de Turismo e Diverses de Macau, or in English, Macau Tourism and Amusement Company. The sub-company of STDM that manages the casinos is SJM, Sociedade de Jogos de Macau, or the gaming company of Macau. In 2002 Stanley Ho's monopoly ended and the government of Macau sold off two new gaming licenses. With a gaming license, the holder can build as many casinos as he likes. The bidding was heavy, and in the end the winners were Steve Wynn and the a Hong Kong construction company, which renamed itself the Galaxy Entertainment Group.
The next part of the story I don't completely understand, but for some reason Galaxy was allowed a sub-license, which was awarded to the Sands, the U.S. gaming company that owns the Venetian. The reason for this has something to do with the Galaxy being partially owned by a Taiwaneese group, and the Hong Kong and Taiwan factions of the company could not get along. SJM and Wynn complained this split was unfair to them, because now they had an extra competitor. So, to be fair, the Macau gaming authorities awarded a sub-license to SJM and Wynn as well. The SJM sub-license was given to a partnership between MGM-Mirage and Pansey Ho, the daughter of Stanley Ho. The Wynn sub-license was awarded to Melco, an Australian gaming company. So there you have the six gaming companies of Macau. Every casino in Macau will fall under one of them.
The main legislation regulating gambling in Macau is the Macau Gaming Law (Law 16/2001). The Macau Gaming Law sets out the legal framework for the commercial operation of different gambling products, with a particular focus on the commercial operation of casino games of chance. Macau casinos suffered a massive blow from COVID-19, the coronavirus that has infected thousands of people worldwide, after being forced to close for 15 days caused gambling revenue to plummet 87. The gaming concession clock is ticking down in Macau. In 2020, the first of the licences for the city’s six casino operators will start to expire. For the past month, COVID-19 has slowed down countless economies around the world. But for Macau, “Asia’s Las Vegas,” it has also laid bare decades of unsustainable economic policy — and the failure of its leaders to diversity, to move away from total dependence on casinos and gambling, when they had a chance.
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When Did Gambling Start In Macau 2020
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