Gambling in Macau
Gambling in Macau was legalized in 1847 under the rule of Portuguese and since then Macau has become known worldwide as the "Monte Carlo of the Orient".
The first casino monopoly franchise was granted to the Tai Xing Company in 1937. The company was, however, too conservative to fully exploit the potential of gambling for development. Only chinese games were provided by the company at the time. In 1962, the government granted the Sociedade de Turismo e Diversoes de Macau (STDM) the monopoly rights to all forms of gambling. The liscence was extended in 1986 for another 15 years but was expired afterwards. Today, there remains ten casinos operated by the STDM, and they are still crucial to the casino industry in Macau.
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Gambling in Macau plays an important role in the economy of the city. Many tourists like gambling there. Also many local people in Macau frequently visit casinos. Generally, gambling in Macau can be divided into three different categories, which are playing games in casino, horse racing and greyhound racing. So, one can see that Macau has a variety of gambling activities. Firstly, let us see how the economic situation is affected by gambling in Macau.
Gambling and society
Lowered productivity would be another problem that caused by gambling. Gambling would bring a misconception to citizens in society. It encourages people to pay the least effort in pursuing the greatest outcome. People try to rely on LUCK rather than paying effort on work. The addicted gamblers pay their full attention to gambling and some of them even give up their studies in school or works. As a result, less people in society will contribute to the production.
Other problems caused by the casino industry included increased bankruptcies, welfare problems, family problems, increased theft cases and loan shaking problems.
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