Business and Travel in Macau
As with Hong Kong, the city of Macau is known as a Special Administrative Region and has very old economic bonds with Hong Kong. Macau had to re-build itself and its economy after the Portuguese handed Macau back to China in 1999. Amazingly, through slow and stable growth, the city that lies on the Pearl River Delta has been able to re-establish itself as a popular business destination and founded a rich tourism industry.
The economy of Macau is largely dependant on the tourism industry that focuses on luring visitors through historical and noteworthy attractions, and gambling. The World Tourism Organization has voted Macau as the leading tourism destination of the world, and with visitor numbers amounting to approximately 20 million visitors a year, the city has enjoyed great success and income through this industry. Being home to the largest casino (based on table game numbers) in the world, Macau seems to be taking the glitz and fame away from Las Vegas. The Sands Macau will soon be joined by casinos such as the Grand Hyatt, Four Seasons, Mandarin Oriental and the Venetian Macao. This major attraction to the city has even piqued the interest of Richard Branson, who is currently in negotiations to purchase land in Macau to establish his own casino and resort. If big hitters like Branson are paying attention, then it is in the interest of foreign investors and businessmen to start taking note of the business opportunities that are available in Macau.
Macau is also focused on industries such as textiles, electronics, toys, banking, financial services, export, hospitality and manufacturing. It is seen as a lucrative tax haven and wise offshore financial center, and has large financial institutions, such as the Seng Heng Bank, Bank of America and the Bank of China established, in the city. As a business destination, Macau has endless opportunities and projects that will interest investors.
At present, tourists can go up against Lady Luck at the Lisboa Casino, Casino at Mandarin Oriental, Macau Palace, Grand Waldo Casino and the Sand Macau. There is also a long list of sightseeing attractions such as the Camoes Garden and Grotto, Grand Prix Museum, Lin Fung Temple, Macau Wine Museum, Monte Fort, Ruins of St. Pauls, A-Ma Temple, the Old Protestant Cemetery, Macau Museum of Art and the Maritime Museum. Tour companies that operate from within the city can ensure that visitors experience every aspect of the city.
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