Gambling Expansion and Economic Growth
Having reviewed the theoretical background to gambling and also the history and development of Macao’s casino industry, in the subsequent chapters attention will shift to addressing the socio-economic-political impact of gambling after the implementation
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Gambling Dynamism The Macao Miracle
Gambling Dynamism
Victor Zheng • Po-san Wan
Gambling Dynamism The Macao Miracle
Victor Zheng Hong Kong Institute of Asia-Pacific Studies Chinese University of Hong Kong Hong Kong SAR
Po-san Wan Hong Kong Institute of Asia-Pacific Studies Chinese University of Hong Kong Hong Kong SAR
ISBN 978-3-642-40748-2 ISBN 978-3-642-40749-9 (eBook) DOI 10.1007/978-3-642-40749-9 Springer Heidelberg New York Dordrecht London Library of Congress Control Number: 2013952454 © Springer-Verlag Berlin Heidelberg 2014 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. Exempted from this legal reservation are brief excerpts in connection with reviews or scholarly analysis or material supplied specifically for the purpose of being entered and executed on a computer system, for exclusive use by the purchaser of the work. Duplication of this publication or parts thereof is permitted only under the provisions of the Copyright Law of the Publisher’s location, in its current version, and permission for use must always be obtained from Springer. Permissions for use may be obtained through RightsLink at the Copyright Clearance Center. Violations are liable to prosecution under the respective Copyright Law. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. While the advice and information in this book are believed to be true and accurate at the date of publication, neither the authors nor the editors nor the publisher can accept any legal responsibility for any errors or omissions that may be made. The publisher makes no warranty, express or implied, with respect to the material contained herein. Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
Preface
Macao has become the talking point of the global community for its impressive economic growth from huge influxes of capital and tourists, which followed the Macao government’s introduction in 2002 of the policy to deregulate casino gambling. Later, when the “financial tsunami” struck Macao in 2008 and many construction projects were brought to a sudden halt, equally animated debates were triggered—this time over the prediction that Macao’s economy would soon collapse as capital fled and tourists stopped pouring in. However, Macao’s gambling industry and economy did not fall into a developmental trap, as had been suggested by pessimists. After a short dip in investment and
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