Editing Economy of Macau (section)

==Sectors==

===Tourism and gambling===
{{main|Gambling in Macau|Tourism in Macau}}
[[Image:Nightview of mtower.jpg|thumb|left|upright|[[Macau Tower]] at night.]]
{| cellpadding="1" style="float: right; margin: 0em 1em 1em 0em; border:1px #bbbbbb solid; border-collapse: collapse; font-size: 90%;"
|- align="center" bgcolor=8899AA
!colspan=2|Visitor arrivals by place of residence in 2006<ref name="DSEC tourists">{{cite web|url=http://www.dsec.gov.mo/index.asp?src=/english/indicator/e_tur_indicator_1.html|title=DSEC – for the current data of visitor arrivals by place of residence|access-date=8 January 2008|publisher=DSEC}}{{dead link|date=September 2017 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>
|- align=center bgcolor=AABBCC
|Place of residence||No. of visitor arrivals <br/>(in thousands)
|- align="center"
|Mainland China||11,985.6
|- align="center"
|Hong Kong||6,940.7
|- align="center"
|Taiwan (ROC)||1,437.8
|- align="center"
|Southeast Asia||693.4
|- align="center"
|'''Total'''||'''21,998.1'''
|}
Tourism is the backbone of Macau's economy, and much of it geared towards gambling, which was legalised in the 19th century and has since been the linchpin of the economy and an important source of revenue for the government. As of at least 2015, 90% of tourist revenues in Macau are derived from gambling.<ref name=":1">{{Cite book |last=Simpson |first=Tim |title=Betting on Macau: Casino Capitalism and China's Consumer Revolution |date=2023 |publisher=[[University of Minnesota Press]] |isbn=978-1-5179-0031-1 |series=Globalization and Community series |location=Minneapolis}}</ref>{{Rp|page=22}} For the Macau government, taxes derived from the table game of [[baccarat]] are the largest single source of public funds.<ref name=":1" />{{Rp|page=22}}

From 1962, the gambling industry operated under a government-issued monopoly licence by [[Stanley Ho]]'s [[Sociedade de Turismo e Diversões de Macau]] (STDM), which replaced the [[Tai Heng Entertainment Corporation]] that had held a gaming monopoly for the previous 24 years.<ref name="Macau 2007" /> The monopoly ended in 2001 when the gaming industry was liberalised and several casino operators from [[Las Vegas Valley|Las Vegas]] entered the market. These new operators include [[Las Vegas Sands]], which opened [[Sands Macao]], the largest casino in the world as measured by total number of table games, in 2004<ref>{{cite news|url=http://www.lasvegassun.com/sunbin/stories/gaming/2006/sep/09/566648537.html|title=Las Vegas gaming operations are building Chinese resort town|access-date=2 November 2006|author=Richard N. Velotta and Jeff Simpson|newspaper=Las Vegas Sun|archive-url=https://web.archive.org/web/20061016014020/http://www.lasvegassun.com/sunbin/stories/gaming/2006/sep/09/566648537.html|archive-date=16 October 2006|url-status=dead}}</ref> and [[Venetian Macau]] in 2007; [[Wynn Resorts]], which opened [[Wynn Macau]] in 2006; and [[MGM Mirage]], which opened [[MGM Grand Macau]] in 2007.

In addition, other casino owners, including Australian [[Crown Melbourne|Crown Casino]] and Hong Kong [[Galaxy entertainment|Galaxy Entertainment Group]] have also opened several hotel casinos in Macau. As a result of the surge in number of casinos and construction from other new casino entrants, Macau's economy has grown rapidly, and gambling revenues from Macau's casinos are now greater than those of [[Las Vegas Strip]],<ref>{{cite news|url=http://news.bbc.co.uk/2/hi/business/6083624.stm|title=Macau, a tiny special administrative region of China, appears to have overtaken the famous Las Vegas Strip as the world's top gambling destination|access-date=28 December 2007|publisher=BBC News – Business|date=25 October 2006|archive-date=25 September 2018|archive-url=https://web.archive.org/web/20180925193736/http://news.bbc.co.uk/2/hi/business/6083624.stm|url-status=live}}</ref> making Macau the highest-volume gambling center in the world.<ref>{{cite news|url=https://www.nytimes.com/2007/01/24/business/worldbusiness/24Macao.html?ex=1327294800&en=150850fd9370148a&ei=5088&partner=rssnyt&emc=rss |title=Asian Rival Moves Past Las Vegas |access-date=24 January 2007 |author=David Barboza |work=The New York Times|url-status=dead |archive-url=https://web.archive.org/web/20070127042030/http://www.nytimes.com/2007/01/24/business/worldbusiness/24macao.html?ex=1327294800&en=150850fd9370148a&ei=5088&partner=rssnyt&emc=rss |archive-date=27 January 2007 }}</ref> Numerous other hotel casinos, including Galaxy Cotai Megaresort and Ponte 16, are also to be opened in near future.
[[Image:Macau Hotel Casino Lisboa Macau Mo707.JPG|thumb|left|250px|[[Casino Lisboa, Macau|Casino Lisboa]]]]
[[Image:The Venetian Macao Interior1.jpg|thumb|300px|right|upright|The interior of [[The Venetian Macao]]]]
Due to the opening of the new hotel casinos and China's easing of travel restrictions, there has been a rapid rise in the number of mainland visitors. From 9.1 million visitors in 2000, arrivals to Macau has grown to 18.7 million visitors in 2005 and 22 million visitors in 2006, with over 50% of the arrivals coming from mainland China and another 30% from Hong Kong.<ref name="DSEC tourists"/> Macau is expected to receive between 24 and 25 million visitors in 2007.<ref>{{cite web|url=http://www.macauhub.com.mo/en/news.php?ID=2999 |title=Macau expected to receive between 24 and 25 million tourists in 2007 |access-date=15 March 2007 |publisher=MacauHub |url-status=dead |archive-url=https://web.archive.org/web/20071009003623/http://www.macauhub.com.mo/en/news.php?ID=2999 |archive-date=9 October 2007 }}</ref> Macau also received the Future Award 2007, voted by 26,000 German travel trade members of GoAsia, for being regarded as the most promising future tourism destination in Asia.<ref>{{cite web|url=http://www.traveldailynews.com/new.asp?newid=36081&subcategory_id=107|archive-url=https://web.archive.org/web/20070926223230/http://www.traveldailynews.com/new.asp?newid=36081&subcategory_id=107|url-status=dead|archive-date=26 September 2007|title=German travel trade give most promising destination award to Macau|access-date=15 March 2007|author=Theodore Koumelis|publisher=Travel Daily News}}</ref> Macau is currently rated as one of the [[World Tourism Rankings|world's top tourism destinations]] by the [[World Tourism Organization]].<ref>{{cite web|url=http://www.world-tourism.org/facts/eng/pdf/indicators/Top25_ita.pdf World's Top Tourism Destinations|title=World's Top Tourism Destinations (absolute no.) – Top 25|access-date=15 November 2007|publisher=The Organisation of World Tourism|url-status=dead|archive-url=https://web.archive.org/web/20070808213546/http://www.world-tourism.org/facts/eng/pdf/indicators/Top25_ita.pdf|archive-date=8 August 2007}}</ref>

Because Macau benefits from favorable taxation rules, it is a favored location for tourists from elsewhere in China to purchase luxury goods like cosmetics, jewelry, and designer fashion goods.<ref name=":1" />{{Rp|page=116}}

===Manufacturing===

Macau's manufacturing industries emerged in the first few decades of the 20th century, which mainly consisted of junk building, factories for matches, firecrackers and incense. Modern industries, however, did not take off until the 1970s when the textiles and garments industry was rising rapidly, while other light industries such as plastics, electronics, toys, and artificial flowers also experienced respectable growth. Textiles and garments further increased its dominance in the manufacturing sector towards the end of the 1980s.

Much of Macau's textile industry has moved to the mainland as the [[Multi-Fiber Agreement]] is phased out. The territory has relied more on gambling and tourism-related services to generate growth.

===Banking===
Macau is an [[offshore financial centre]], a [[tax haven]], and a [[free port]] with no foreign exchange control regimes.<ref>{{cite web|url=http://www.macaubusiness.com/index.php?id=666|access-date=5 September 2007|title=Offshore Operation in Macao|author=Luis Pereira|publisher=Macau Business|archive-date=27 September 2007|archive-url=https://web.archive.org/web/20070927201352/http://www.macaubusiness.com/index.php?id=666|url-status=live}}</ref>
<ref>{{cite web|url=http://www.imf.org/external/np/mae/oshore/2000/eng/back.htm#table1|title=Countries, Territories, and Jurisdictions with Offshore Financial Centers|access-date=5 September 2006|author=Errico and Musalem (1999)|publisher=IMF|archive-date=10 August 2006|archive-url=https://web.archive.org/web/20060810083436/http://www.imf.org/external/np/mae/oshore/2000/eng/back.htm#table1|url-status=live}}</ref><ref>{{cite web|url=http://www.asiarooms.com/travel-guide/macau/macau-overview/macau-currency.html|title=Macau Currency|access-date=2 January 2008|publisher=AsiaRooms.com|archive-url=https://web.archive.org/web/20080112081310/http://www.asiarooms.com/travel-guide/macau/macau-overview/macau-currency.html|archive-date=12 January 2008|url-status=usurped}}</ref> The offshore finance business is regulated and supervised by the [[Monetary Authority of Macao]],<ref>{{cite web|url=http://www.amcm.gov.mo/|title=The homepage of Monetary Authority of Macao|access-date=15 November 2007|publisher=The Monetary Authority of Macao, the Govt. of Macau SAR|archive-date=1 June 2007|archive-url=https://web.archive.org/web/20070601001559/http://www.amcm.gov.mo/|url-status=live}}</ref> while the regulation and supervision of the offshore non-finance business is mainly controlled by the Macau Trade and Investment Promotion Institute.<ref>{{cite web|url=http://www.ipim.gov.mo/en/index2.asp IPIM|title=The Macau Trade and Investment Promotion Institute|access-date=15 November 2007|publisher=The Macau Trade and Investment Promotion Institute, the Govt. of Macau SAR|url-status=dead|archive-url=https://web.archive.org/web/20071107112053/http://www.ipim.gov.mo/en/index2.asp|archive-date=7 November 2007}}</ref> In 2007, [[Moody's Investors Service]] upgraded Macau's foreign and local currency government issuer ratings to 'Aa3' from 'A1', citing its government's solid finances as a large net creditor. The rating agency also upgraded Macau's foreign currency bank deposit ceiling to 'Aa3' from 'A1'.<ref>{{cite web|url=http://www.hemscott.com/news/latest-news/item.do?newsId=47556025388962|title=the web site of Hemscott and Empowering Inverstors|access-date=15 November 2007|publisher=Hemscott.com|archive-date=27 September 2007|archive-url=https://web.archive.org/web/20070927191140/http://www.hemscott.com/news/latest-news/item.do?newsId=47556025388962|url-status=live}}</ref>

There are twenty other licensed banks, sixteen of which are foreign. Macau has five of the top 500 commercial banks in Asia, including [[Tai Fung Bank|Banco Tai Fung]] and [[Industrial and Commercial Bank of China]].

===Construction===
[[File:Porte 16 (unfinished).JPG|thumb|[[Ponte 16]] under construction]]
In 2014, the construction sectors in Macau engaged 45,368 people. The value of construction was MOP78.15 billion, in which MOP66.88 billion belong to the private sectors. The intermediate consumption was MOP61.03 billion and labor cost was MOP11.35 billion.<ref>{{cite web|url=http://www.macaunews.com.mo/content/view/3653/53/lang,english/|title=Macau News - Macau construction sector boots local economy|author=MACAULINK|work=Macau News|access-date=7 October 2015|archive-url=https://web.archive.org/web/20160304104335/http://www.macaunews.com.mo/content/view/3653/53/lang,english/|archive-date=4 March 2016|url-status=dead}}</ref>

===Transportation companies===
[[Air Macau]] is Macau's [[Flag carrier]] and is based out of [[Macau International Airport]].<ref>"[http://en.airmacau.com.mo/contact/area_macau.asp Contact Us Service] {{webarchive|url=https://web.archive.org/web/20100325235046/http://en.airmacau.com.mo/contact/area_macau.asp |date=25 March 2010 }}." [[Air Macau]]. Retrieved on 23 September 2009.</ref>

===Media===
[[Media of Macau|Macau has reportedly]] the highest "media density" in the world - nine Chinese-language dailies, three Portuguese-language dailies, two English-language dailies and about half a dozen Chinese-language weeklies and one Portuguese-language weekly. About two dozen newspapers from Hong Kong, mainland China, Taiwan and the Philippines are shipped to Macau every early morning.