Macau: The Future Entertainment Capital of the World? |
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Introduction Contd...By the time these projects reached completion, Macau was expected to be transformed into a world-class gaming and entertainment hotspot. In 2003, China eased travel restrictions on Chinese wishing to travel to Macau. This contributed significantly to the growth of the gaming industry in 2003-04, and Macau's economy as a whole grew by 28%.
Some analysts felt that the gaming industry was becoming excessively dominant in Macau's economy. The overemphasis on the tourism and gaming industry could hurt small and medium enterprises (SMEs), they said. The SME sector was already suffering from a shortage of labor as locals found employment in the gaming industry much more lucrative.
In 1573, the Chinese government started collecting land rent from the Portuguese people living in Macau, and in 1582, the Portuguese started to make annual payments after entering into a land lease agreement with Xiangshan County. In the mid-16th century, the Portuguese government established an "autonomous" body in Macau, with a supreme administrative officer in charge... |
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