1999–2007: The rise of Macau as the Las Vegas of Asia In 2002, the Macau government ended the
gambling monopoly system and 3 (later 6) casino operating concessions (and subconcessions) were granted to
Sociedade de Jogos de Macau (SJM, an 80% owned subsidiary of STDM),
Wynn Resorts,
Las Vegas Sands,
Galaxy Entertainment Group, the partnership of
MGM Mirage and
Pansy Ho Chiu-king, and the partnership of Melco and PBL, thus marking the begin of the rise of Macau as the new gambling hub in Asia. As one of the measures to develop the gambling industry, the Cotai reclamation was completed after the handover to China, with construction of the hotel and casino industry starting in 2004. In 2007, the first of many resorts opened,
The Venetian Macao. Many other resorts followed, both in Cotai and on Macau island, providing for a major tax income stream to Macau government and a drop in overall unemployment over the years down to a mere 2% in 2013. In 2004, the
Sai Van Bridge was completed, the third bridge between Macau island and Taipa island. Also in 2005, the Macau government started a wave of social housing construction (lasting until 2013 at least), constructing over 8000 apartment units in the process.
2008 financial crisis Similar to other economies in the world, the
2008 financial crisis hit Macau, leading to a stall in construction of major construction works (
Sands Cotai Central) and a spike in unemployment.
2008–2013: Expansion into Hengqin and further casino boom With residential and development space being sparse, Macau government officially announced on 27 June 2009 that the
University of Macau will build its new campus on
Hengqin island, in a stretch directly facing the
Cotai area, south of the current border post. Along with this development, several other residential and business development projects on Hengqin are in the planning. In 2011 to 2013, further major construction on several planned mega-resorts in
Cotai commenced.
2014–present: Slowing down of the gambling industry and diversification of economy 2014 marked the first time that the gambling revenues in Macau declined on a year-to-year basis. Starting in June 2014, gambling revenues declined for the second half of the year on a month-to-month basis (compared with 2013) causing the Macau Daily Times to announce that the "Decade of gambling expansion end[ed]". Some reasons for the slowdown are China's anti-corruption drive reaching Macau, China's economy slowing down and changes of Mainland Chinese tourists' preference of visiting other countries as a travel destination. This led the Macau government to attempt to reconstruct the economy, to depend less on gambling revenues and focus on building world-class non-gambling tourism and leisure centres, as well as developing itself as a platform for economic and trade cooperation between China and
Portuguese-speaking countries. In 2015, the borders of Macau were redrawn by the state council, shifting the land border north to the
Canal dos Patos and expanding the maritime border significantly. The changes increased the size of Macau's maritime territory by 85 square kilometres.
Typhoon Hato hit Southern China in August 2017, causing widespread damage to Macau, never before experienced – major flooding and property damages, with citywide power and water outages lasting for at least 24 hours after the passage of the storm. Overall, 10 deaths and at least 200 injuries were reported. This caused widespread anger against the Macau government, accused of being unprepared for the typhoon as well as the delay of raising the No. 10 tropical cyclone signal; this caused the head of the
Macao Meteorological and Geophysical Bureau to resign. At the request of the Macau government, the
Chinese People's Liberation Army Macau Garrison (for the first time in Macau's history) deployed around 1,000 troops to assist in disaster relief and cleaning up. On 12 December 2019, Macau officially opened its first rail transit system: the
Macau Light Rapid Transit. Overall, Macau was among the safest places in the world during the
COVID-19 pandemic, with relatively few infections and a large array of medical, social, and financial response measures. Macau's casino-reliant economy was greatly slowed by the pandemic. ==See also==