The Mainland and Macau Closer Economic Partnership Arrangement (CEPA), signed on October 17 2003, is a protocol similar to a free trade partnership in accordance with the provisions of the World Trade Organisation, and aims to strengthen economic and trade cooperation between mainland China and the Macau Special Administrative Region (MSAR), as well as to facilitate access to the mainland market to Macau Service Providers.
The Macau Special Administrative Region is a territory of the
People's Republic of China. The former Portuguese enclave was
established as a Special Administrative Region in December 1999....
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The Macau Special Administrative Region is a territory of the
People's Republic of China. The former Portuguese enclave was
established as a Special Administrative Region in December 1999.
Macau law is widely based on Portuguese law, a civil law jurisdiction and the legal system, 'The Basic Law' was adopted in 1993.
The
country is best known as an offshore and gambling centre and most firms
in the market have these areas as their key focus. Because of the size
of the country and the focus of the economy most firms consist of one or
two partners who have general skills across a number of areas.
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CONTEXT AND TRENDS
Macau is the only region in China to have legalised gambling and its success has been clear to see, having developed into the largest gaming market in the world. In 2011 the revenue growth for casinos was an astounding 42%....
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CONTEXT AND TRENDS
Macau is the only region in China to have legalised gambling and its success has been clear to see, having developed into the largest gaming market in the world. In 2011 the revenue growth for casinos was an astounding 42%. According to the Macau Gaming Inspection and Coordination Bureau, casino revenues totalled in the region of $33.5 billion – more than four times those generated by Las Vegas. The flourishing industry has led to a rapid expansion in the region's real estate, construction and infrastructure developments.
But Macau's growth finally looks to be slowing and the Chinese government is beginning to show concern over the region's reliance on its gambling industry. As with the rest of the world, Macau is beginning to suffer from the global financial crisis. Early in 2012 the government announced the slowest rate of growth since the GFC (although that was still an impressive 7.3%).
The economy certainly has not stopped growing and casino operators are still looking to expand, but it certainly will not be as heady in the coming year as it has been in the past.
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