Structural change in the Macau casino industry

－In reference to open-door policy to invested capital from abroad－

Abstract

Macau overtook Las Vegas in sales of casinos in 2006. Up to the present day, many observers have attributed the remarkable success of the city to its open-door policy to capital investment from abroad. They assert that the revitalization and institutionalization of casino facilities effected by accepting foreign capital is the most important factor that has directly led to the success of Macau casino. By critically examining their views, this paper will concentrate on the structural changes of the Macau industry brought about by opening its doors to the outside world, and consider other factors that account for Macau' success.