Published on: October 1, 2024, 08:52h.
Last updated on: October 1, 2024, 08:54h.
Macau celebrated the 75th anniversary of the Proclamation of the People’s Republic of China (PRC) today. The enclave, known for its casino gambling, commemorated China’s ruling party assuming power with Mao Zedong declaring victory in the Chinese Civil War with various 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.
October 1, 1949, marked the day 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.
The Macau Tourism Office held a fireworks competition on Tuesday, with teams from China and Italy each conducting 18-minute programs.
Macau’s celebration of China’s 75th birthday precedes the city’s 25th anniversary of its return from Portuguese to Chinese control by two months. Macau and Hong Kong are the two Special Administrative Regions (SAR) in China.
President Jinping aims to reunify Taiwan with China in the near future. During his 75th anniversary address, Jinping pledged for “reunification” with Taiwan.
We must resolutely oppose ‘Taiwan independence’ separatist activities,” Xi declared.
Taiwan separated from China after the Chinese Civil War.
Casino Cooperation
As a SAR, Macau and China co-govern under the “one country, two systems” principle. Macau has its own laws, economy, and court system, while adhering to China’s foreign policy positions and receiving national security protections from China.
In recent years, China has faced criticism for breaching the “one country, two systems” principle after passing the National Security Law in 2020. This law allows China to impose its laws on Hong Kong citizens.
Macau has maintained a strong relationship with China, but is also experiencing significant changes under China’s direction and President Xi Jinping’s leadership.
During the COVID-19 pandemic, originated from mainland China, authorities in Macau were pressured to reduce the region’s reliance on casino gambling. One directive was to eradicate junket groups, which organized trips for mainland high rollers to gamble at Macau’s casinos.
Jinping expressed concerns about the flow of money from the mainland to Macau, where taxes are lower, as a threat to China’s national security. To promote diversification, the Macau government issued new gaming concessions to casino operators in late 2022, requiring them to invest over $16 billion in non-gaming initiatives.
September Gaming Revenue
Macau’s Gaming Inspection and Coordination Bureau reported that casino revenue in September totaled MOP17.3 billion (US$2.16 billion). While this represents a 15.5% year-over-year increase, it also marks a nearly 13% decrease from the previous month.
September also saw the lowest monthly gross gaming revenue of 2024. Factors like poor weather in early September and one fewer weekend day than August contributed to this decline, along with new money transfer rules.
Year-to-date, Macau’s 2024 GGR has increased by 31% compared to the previous year, surpassing $21.1 billion. However, this is still 23% lower than the pre-pandemic levels of 2019, when the city’s casino revenue exceeded $27.5 billion by September.