The Burgeoning Gaming Industry Gambling has existed in Macao prior to the 1850s. The local Portuguese government legalized gambling in 1847 and issued license for running gambling activities to levy tax on their operators. In 1930, Hou Heng Company, headed by Fan Che Pang, was granted license to run casinos in Macao. In 1937, “Tai Heng” Company, headed by Fu Tak Iong and Kou Ho Neng, won an exclusive concession contract for local gambling operation. Since then, it monopolized Macao’s gambling business for some decades. In 1961, the government of Portugal promulgated a decree-law to officially position Macao as an area of tourist attraction and gaming. Shortly after, the term “gambling” was replaced by “gaming”. Later, Stanley Ho Hung Sun, Ip Hon, Terry Ip Tak Lei and Henry Fok created the “Society of Traveling and Entertainment of Macau Limited” and won the tender for exclusive concession for gaming operation in Macao. Since then, the gaming industry of the city modernized and streamlined to customized services.
After Macao’s Handover, the MSAR government defined the “Legal System of Operation of Games of Fortune and Chance in Casino” that only allow three gaming concessionaires. Since the monopoly for gaming operation was lifted, the government’s revenue from gaming tax has increased and the city became a destination of tourists.
After Macao’s Handover, the MSAR government defined the “Legal System of Operation of Games of Fortune and Chance in Casino” that only allow three gaming concessionaires. Since the monopoly for gaming operation was lifted, the government’s revenue from gaming tax has increased and the city became a destination of tourists.