Cotai Expo Hall A, The Venetian Macao
In 2002, the Macau government ended the monopoly system and granted three (later six) casino operating concessions (and subconcessions) to: (SJM, an 80% owned subsidiary of STDM), , , , the partnership of and , and the partnership of and PBL. On 18 May 2004, the casino opened near the . Today, there are 16 casinos operated by the STDM, and they are still crucial in the casino industry in Macau.
Macau's economy relies heavily on gambling. Nowadays, the gambling industry generates over 40% of the GDP of Macau. Since the early 1960s, around 50% of Macau's official revenue has been driven by gambling. The percentage remained steady until the late 1990s. In 1998, 44.5% of total government revenue was produced by the direct tax on gambling. Then there was a 9.1% decrease in 1999, probably due to internet gaming. After the handover of Macau from Portugal to China, the SAR released gambling licenses to other companies to eliminate the monopoly played by the STDM. In 2002, the government signed concession contracts with two Macau gaming companies, Wynn Resort Ltd. and Galaxy Casino. This opened the gambling market for competition and increased government tax revenue significantly. It also attracted more tourists to Macau.
However, the gambling industry is also a source of instability in the Macau economy, as the nature of the gambling business is not susceptible to technological advancement or productivity growth. The gambling business is still dependent on the prosperity of other Asian economies, especially that of China. Due to 's promise on cracking down of corruption across mainland China, casino profits from across Macau have been reporting a decline in monthly profits In addition, a proliferation of other gambling venues in the region is drawing the target demographic away. Macau's 2018 grew 13% over the prior year, but this lagged behind the 41% growth in emerging casino markets in Singapore, South Korea, the Philippines and Australia, according to Fitch Ratings. In 2019 casino earnings reached their lowest level in three years.
The Venetian Theatre, The Venetian Macao
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Macau has 41 casinos (as of 2019), of which the biggest is . Twenty-four casinos are located on the and 17 in . They all operate under a government franchise and under a common set of rules. The main casino operators in Macau are , and with respective revenues of 9.7, 4.8, and 4.2 billion in 2011.
Over a three year period in the late 1990s, as wave of gang violence referred to as the casino wars occurred disrupted Macau's casino industry. The casino wars were largely attributable to rival groups who sought to gain control of Macau's illicit industries before Portugal transferred the territory back to China. The Portuguese authorities of Macau mostly failed to address the violence, which resulted in 122 deaths, or to catch those responsible.
A form of VIP contractual system called the junket trade operates in Macau. Junket agents recruit to Macau and advance the high rollers credit for gambling. The practice developed in the 1980s, when Stanley Ho began subcontracting private gambling rooms in his casinos to independent agents.
The Venetian Arena, The Venetian Macao
Common conventions among baccarat players in Macau include chanting, blowing on cards, banging the table, and "squeezing" the cards. "Squeezing" the cards refers to folding over the sides and corners to slowly reveal the points value of the cards, rather than simply flipping them over. Although baccarat is a pure game of chance on which no rational bet can be made, many gamblers record the succession of Player or Banker wins in an effort to discern patterns. Gamblers typically do so on a chart called the Big Road on which Player and Banker wins can be recorded so that streaks can be readily observed. The popularity of tracking such results among gamblers in Macau has led to the practice being used at casinos throughout the world where Chinese people gamble.
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In an attempt to generate revenues for the government, gambling in Macau was legalized by the Portuguese government in 1849. In the late 19th century, the government introduced a licensing system for the houses (Chinese gambling houses). It is reported that over 200 gambling houses were required to pay gambling rent to the government. The second casino monopoly concession was granted to the Tai Heng Company in 1937. The company was, however, too conservative to fully exploit the economic potential of gambling.
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was introduced only in August 2007, in an electronic table format at Galaxy Starworld casino. The first live poker tournament was the Macau event in November 2007. Shortly thereafter, in January 2008, the government of Macau published the official rules for poker games in Macau. In February 2008, Casino added the first live-dealer cash game tables. In May 2008, ' Macau' opened at Grand Waldo Casino. In November 2008, ' Poker opened at Wynn Macau. ' Macau' moved to a new location at the Grand Lisboa Casino in March 2009. Today, , StarWorld, and the Venetian offer live-dealer cash game poker tables.
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Over the opposition of the casino industry, Macau implemented smoking prohibitions in casinos in October 2014. At the start of 2019, the restrictions were extended to Casino VIP rooms. These changes were largely motivated by the concerns of , who spoke out against their unhealthy work environments.