Macao to Break Monopoly on Gambling Business

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Last updated at: (Beijing Time) Saturday, December 08, 2001

Macao to Break Monopoly on Gambling Business

A total of 21 companies will become tenders for new licenses of casinos in China's Macao Special Administrative Region (SAR).

A total of 21 companies will become tenders for new licenses of casinos in China's Macao Special Administrative Region (SAR).

The companies handed over their bidding papers to the SAR government Friday night. The authorities note that people can know who will manage Macao's casinos at the end of this year. There will be a maximum of three operators of Macao's gambling business, which indicates that the 40-year monopoly of the Macao Tourism and Amusement Company (STDM) on the sector will come to an end, in accordance with the new "Gaming Industrial Regime. "The regime, which was passed by the Legislative Assembly in August, stipulates that taxation should make up 35 percent of the gross revenues from future casinos.

Casino managers and operators should be qualified and honest and responsible for their doing, the law says.

Casinos should contribute to tourism and economic development and social stability in Macao, according to the regime.

Public Bidding for Casino Licenses to Start Soon in Macao