Macau, Having Already Surpassed Las Vegas As A Gambling Destination, Sets Its Sights On Cultural, Culinary Offerings To Lure Tourists
Macau has quickly established itself as the "Vegas of the East"
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Since its handover in 1999, Macau has rapidly become one of Asia’s top destinations for gambling, luring thousands of gamers from mainland China and Hong Kong. If Macau’s tourism department has its way, though, the city will soon be as renowned as a cultural destination as well — playing on its unique blend of Portuguese colonial and Chinese culture, architecture, and culinary traditions. Although construction of luxury apartments and casinos has slowed somewhat due to the global economic crisis, the city looks at the continuing growth of the Chinese tourist as a way to buoy a relatively sluggish tourism season.
Macau is unique in that it has, much like neighboring Hong Kong, combined two disparate cultures over the centuries to the point where they no longer seem distinct but instead form the one-of-a-kind Macanese culture. The city has also combined the entrepreneurial, fast-paced culture of China’s biggest cities with a fascinating mix of people, cultures, and languages, making this one of the world’s most exciting, truly global cities. The city has also become one of East Asia’s luxury hubs.
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Construction On A Number Of Stalled Projects To Start Up Again, As City Aims To Cement Its Reputation As The “Vegas Of The East”
One Central, set to be completed within the year, is to be one of Macao's top luxury residential complexes
Macao, the former Portuguese colony that rejoined China in 1999, has had its share of ups and downs over the past few years. In recent years, the city replaced Las Vegas as the world’s largest gambling market by total revenue, but not long after gaining this distinction, the city was hit hard by the global economic downturn — which bit into the city’s crucial tourism industry as well as its breakneck pace of construction. Now, as the recession eases somewhat in the region — China itself has not been hit as hard as many more developed economies — Macao aims to restart its vast construction efforts and attract more young professionals, luxury shoppers, and gamblers.
Today, the New York Times has a great article on the ongoing transformation of Macao — what was once a backwater trading hub has, like its neighbor Hong Kong, over the years become an important business and tourism center. As the city continues to carve its unique place in the Chinese and East Asian economies, developers continue to work hard to create in Macao a world-class real estate and travel destination. With large-scale luxury developments like One Central due to open within the year, it looks like Macao is, indeed, starting to get back on its feet:
Posted in Business, China, Economy, Investment
Tagged casino, China, construction, gambling, hong kong, Investment, macao, macau, mandarin oriental, one central, real estate, wanchai