Posted on: October 1, 2024, 08:52h.
Last updated on: October 1, 2024, 08:54h.
Macau today celebrated the 75th anniversary of the Proclamation of the People’s Republic of China (PRC). The enclave that relies on casino gambling to run its local economy commemorated China’s sole ruling party assuming power with Mao Zedong declaring victory in the Chinese Civil War with an array of events and exhibitions.
Organized by Macau’s Municipal Affairs Bureau, Oral History Association, and Artist Society, Macau’s main attraction celebrating the PRC’s founding is an exhibition consisting of four demonstrations. Located in the Municipal Affairs Bureau’s Gallery, the themes are titled “Echoes of Time and Space,” “Bonds with Motherland,” “Video of Memories — Oral History,” and “Pleasant Interactions — Educational Area.” The exhibition runs through the end of October.
It was Oct. 1, 1949, when Mao, the chairman of the Chinese Communist Party, delivered a declaration in Tiananmen Square inaugurating the Central People’s Government of the People’s Republic of China. After Mao’s address, the country’s red five-star flag was unveiled and a 21-gun salute was fired.
On Tuesday, the Macau Tourism Office held a fireworks competition, with teams from China and Italy each conducting 18-minute programs.
Macau’s celebrating of China’s 75th birthday comes two months ahead of the city’s 25th anniversary of its return from Portuguese to Chinese control. Macau is one of two Special Administrative Regions (SAR) in China, with Hong Kong as the other.
Jinping hopes to regain control of Taiwan in the coming years. During Jinping’s 75th anniversary address, the president vowed for “reunification” with Taiwan.
We must resolutely oppose ‘Taiwan independence’ separatist activities,” Xi declared.
Taiwan retreated from China after the Chinese Civil War.
Casino Cooperation
As a SAR, Macau and China co-govern under the “one country, two systems” policy principle. Macau has its own laws, economy, and court system, but adheres to China’s foreign policy positions while China provides the enclave with national security protections.
In recent years, China has been accused by foreign nations, including the United States and the United Kingdom, of breaching the “one country, two systems” principle after Beijing passed the National Security Law in 2020. The bill allows China to force its laws on Hong Kong citizens.
Macau has maintained a healthier relationship with China. But it too is undergoing profound change at the direction of China and President Xi Jinping.
During the COVID-19 pandemic, which originated on the mainland, China pressured authorities in Macau to lessen the region’s dependency on casino gambling. A pillar of that directive was to eradicate junket groups, travel organizers that had arranged first-class trips for mainland high rollers to Macau’s casinos to gamble.
Jinping said the billions of dollars flowing out of the mainland’s control to Macau, a place where taxes are considerably less, threatened China’s national security. To help achieve the goal of diversification, the Macau government in late 2022 issued new 10-year gaming concessions to the six casino operators but required them to collectively invest over $16 billion into their resorts in nongaming initiatives.
September Gaming Revenue
Today, Macau’s Gaming Inspection and Coordination Bureau revealed that in September, casino revenue totaled MOP17.3 billion (US$2.16 billion). While that marks a 15.5% year-over-year improvement, September represented a month-to-month decline of almost 13%.
September also marked the lowest monthly gross gaming revenue tally in 2024. Poor weather in early September was partly to blame, as was the fact that September had one fewer weekend day than August. New money transfer rules being implemented were also cited.
Through three quarters, 2024 Macau GGR is up 31% year-over-year to more than $21.1 billion. However, that remains 23% below pre-pandemic 2019 when casino revenue totaled over $27.5 billion through September.
