Macau’s Bold Plan to Diversify Beyond Gambling 🎲

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Macau is the smaller of China’s two special administrative regions, and the world’s largest gambling hub. Its colonial history dates back to when the Ming dynasty started to lease a small strip of land to Portugal in 1557, which later became an important trading hub connecting China to Europe and other parts of the world. However, its importance decreased in the 19th century, even as Macau was formally ceded in perpetuity to the Portuguese as a colony. Following its return to Chinese rule in 1999, the new SAR government sought to expand and liberalise Macau’s gambling industry from 2002, hoping to turn it into Asia’s Las Vegas – but in terms of entertainment, not just gaming. In less than four years, it overtook Las Vegas as the world’s largest gambling centre. But overreliance on gaming revenue, coupled with China’s crackdown on corruption money flowing into the enclave for gambling and the Covid-19 pandemic, has led to a severe economic downturn in recent years. At the same time, Beijing has renewed calls for Macau to diversify its economy.

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