Before Macau was under Chinese rule, it used to be a dangerous city full of criminal gans, triads and turf wars with drive-by shootings and kidnappings. And that's not all , car bombs were typical there and this obviously scared away tourists. However, the crime rate dropped after it joined Chinese rule and now tourism has boomed.
Going back to the casino business... the billionaires Steve Wynn of Wynn Resorts Ltd. and Sheldon Adelson of Las Vegas Sands Corp., opened the $2.4 billion Venetian mega-resort complete with Italian-style gondolas floating down indoor canals. In 2006, Macau overtook the Las Vegas Strip as the world’s epicenter of gambling. Its casinos rang up $6.95 billion in gambling revenue.Last year, Macau’s casinos raked in more than $10.3 billion in gaming revenue, an increase of 46 percent over the previous year, the government said.
But Macau’s leader, Edmund Ho, recently announced the booming city would not issue any new casino licenses soon. He said it’s time for the government to review the industry’s development before new projects are approved.
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