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Macau Periodical Index (澳門期刊論文索引)
- Author
- Siu, Ricardo Chi Sen
- Title
- Impacts of institutions and institutional changes on development of casino tourism in Macao: a review and outlook
- Journal Name
- 澳門研究
- Pub. Info
- 2024年12月, 總第113期, 第4期, pp. 45-64
- Link
- https://www.macaudata.mo/showbook?bno=j360113
- Keyword
- Casino tourism；Macao；Ceremonial values；Institutional changes；Instrumental values；In-strumental efficiency
- Abstract
- The factors that drive and limit the development of casino tourism in Macao from 2000 to 2024 are examined in this article with reference to an analytical framework and arguments on insti-tutions and institutional changes in institutional economics. Specifically, the impacts from the tug of war between the efficiency-enhancing attempts of the Macao Special Administrative Region (Macao SAR) government and integrated resort operators, and the ceremonially warranted behavior of existing beneficial groups on the business routines and path of the development of the industry before 2020 are explicated. In addition, self-undermining instead of self-enforcing forces generated from the practices of the unique third-party-operated VIP room business model throughout the expansion process of casi-no tourism in Macao are analyzed. It is recognized that despite the enviable growth in monetary return, various adverse and crowding out effects were also generated from the expansion of casino tourism to the economy and society. To ensure the sustained growth and development of this industry, radical actions taken by the Macao SAR government in 2021/2022 and onwards clearly reinstitute the organi-zation and business routines in the market, hence enhancing the instrumental efficiency of the industry. While these latest changes have unarguably launched a new era for the development of casino tourism in Macao, it is argued that effective and proactive roles taken by the government to enforce the new rules are indeed necessary to ultimately ensure progressive changes for this industry. Paragraph Headings: 1. Role of institutions and institutional changes in industrial development 2. Specific contextual settings and development of casino tourism in Macao 3. Rapid expansion and a self-undermining process 4. Radical change in formal rules and prospects 5. Conclusion and remarks Tables: 1. Major phases in the development of casino tourism in Macao from 2000 to 2024 Figures: 1, General institutional paradigm for industrial development 2. Contribution of various gaming business segments to gross gaming revenue (2001-2023) 3. Change in gross gaming revenue of industry 4. Monthly visitor arrivals to Macao