Macau (澳門) is an island located south of Guangzhou and west of Hong Kong which was once occupied by the Portuguese until handed over in December 20, 1999 to the Chinese. There is a joint agreement between Portugal and China that after the handover, Macau shall retain her autonomy until 2049 under the policy known as "One Country Two Systems". Thus making Macau one of China's S.A.R. (Special Administrative Region), Hong Kong being the other one.Macau is also known as the Las Vegas of the East. This is where gambling thrives and is one of the main contributors to Macau's economy. At first, the monopoly license was given to Mr. Stanley Ho ended in 2002 thus many casino owners from Las Vegas tried to enter into Macau starting with the opening of Sands in 2004 and Wynn in 2006. It is also a surprise that gambling revenues in Macau grew larger compared in Las Vegas Strip making Macau the highest volume gambling center in the world. In 2007, The Venetian Macau opened its doors to the public followed by MGM Grand Macau. Galaxy Cotai Megaresort will soon open in Macau thus forming the Cotai Strip, Macau's answer to the Las Vegas Strip.
All revenues earned in Macau shall remain in the Special Administrative Region of Macau and is a tax haven and free-port zone. Macau does not send any money to the Central People's Government and Central People's Government shall not levy taxes on Macau until 2049.No visa is required to enter Macau.
Quick Facts
Denizens : Macanese
Government : Chief Executive
Area : 29.2 sq. km.
Population : 520,400 (2007)
Time Zone : MST (UTC +8)
Internet TLD : .mo
Calling Code : +853
Currency : Macanese Pataca (MOP)
No comments:
Post a Comment