Five years after being returned to China on Dec. 20, 1999, the once-sleepy former Portuguese colony of Macau has awoken to transform itself into Asia's very own Las Vegas.
Behind a counter cluttered with exotic cocktails, scantily dressed girls sway their hips to the latest hit which is quickly taken up by a rapper who looks like he has come from Harlem. Under bright lights and a giant screen flashing images of a perfect world, thousands of gaming tables and machines crowd fashionable restaurants.
PHOTO: AFP
The era of smoky, dim dens that gave Macau its reputation as a gambling hell has long passed. Today the scene has an American flavor, such as at the Sands casino, that is straight out of Las Vegas.
"Macau has become Las Vegas. I have been down there and that is where I realized that this is what China wants to do with Macau," said Jose Rocha Dinis, editor of the Portuguese-language daily Jornal Tribuna Macau.
Dinis doesn't recognize "his" Macau, where he arrived 23 years ago.
"It was a small, very quiet town. Everything has changed in five years and especially in the past three years," he said.
The turning point was not Macau's return to China in 1999 but the end of a monopoly on gambling in 2001, Dinis said.
The handover ended 452 years of Portuguese presence in the last colony in Asia. The transfer was smooth, unlike that of Hong Kong across the Pearl River two years earlier, because "Macau was already Chinese," he said.
"The Portuguese only had the power to name the governor, the diplomacy and the security forces. Everything else was already done in Macau by the local government," Dinis said.
The real revolution only came in 2001. That year Macau's most prominent Chinese resident Stanley Ho lost the privilege of being the territory's one and only gambling baron -- a luxury he had had since 1962 because of a concession from the government. Today Ho's Oriental Palace casino, with its outdated Chinese kitsch, and the gaudy gold-covered Lisboa, look like dinosaurs in the new Macau.
"A new era has begun in 2001," said Glenn McCartney, a gambling expert at the Institute for Tourism Studies, unfolding a map of a Macau to come.
"By 2009, 60,000 hotel rooms and 20 casinos will be opened," he said. The newcomers will include a replica of Las Vegas' famous Venetian casino and hotel, complete with canals and gondolas, he said.
The investments are estimated to be worth more than 25 billion patacas (US$3.2 billion).
In 1999 the returns from gambling amounted to US$1.7 billion. This rose to US$3.6 billion dollars last year, putting Macau third in the world behind Las Vegas and Atlantic City, both in the US, McCartney said.
It should overtake Las Vegas next year, experts say.
Casinos already represent "more than 40 percent of the gross national product and more than 80 percent of the income" of the territory, said Albano Martins, the main economist in Macau.
"At the end of 2004, the taxes paid by the casinos will match the whole budget of the state [Macau], that is 15 billion patacas," he said.
While the city fought recession in 1999, its growth has since become one of the highest in the world: 46.7 percent in the second trimester of this year.
"The key is the flood of the Chinese," said Martins. Macau is one of a limited number of territories or countries which Chinese tourists are able to visit as individual travelers and not on organized tours.
The number of Chinese tourists has tripled in the past four years from 2.9 million in 2000 to nearly eight million in the 10 first months of this year.
And they spend 2,820 patacas a day, according to figures for the second trimester of this year, compared to less than 900 for visitors from Hong Kong and 300 for Europeans.
"You will not find anyone here who will tell you that it was better before [the handover]," said Paulo Azevedo, editor in chief of the Portuguese-language daily Ponto Final.
But will the Macau miracle last?
"Singapore, Taiwan, Thailand and Japan also want their own casinos. It's only a matter of time," McCartney said.
With this year’s Semicon Taiwan trade show set to kick off on Wednesday, market attention has turned to the mass production of advanced packaging technologies and capacity expansion in Taiwan and the US. With traditional scaling reaching physical limits, heterogeneous integration and packaging technologies have emerged as key solutions. Surging demand for artificial intelligence (AI), high-performance computing (HPC) and high-bandwidth memory (HBM) chips has put technologies such as chip-on-wafer-on-substrate (CoWoS), integrated fan-out (InFO), system on integrated chips (SoIC), 3D IC and fan-out panel-level packaging (FOPLP) at the center of semiconductor innovation, making them a major focus at this year’s trade show, according
DEBUT: The trade show is to feature 17 national pavilions, a new high for the event, including from Canada, Costa Rica, Lithuania, Sweden and Vietnam for the first time The Semicon Taiwan trade show, which opens on Wednesday, is expected to see a new high in the number of exhibitors and visitors from around the world, said its organizer, SEMI, which has described the annual event as the “Olympics of the semiconductor industry.” SEMI, which represents companies in the electronics manufacturing and design supply chain, and touts the annual exhibition as the most influential semiconductor trade show in the world, said more than 1,200 enterprises from 56 countries are to showcase their innovations across more than 4,100 booths, and that the event could attract 100,000 visitors. This year’s event features 17
SEMICONDUCTOR SERVICES: A company executive said that Taiwanese firms must think about how to participate in global supply chains and lift their competitiveness Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday said it expects to launch its first multifunctional service center in Pingtung County in the middle of 2027, in a bid to foster a resilient high-tech facility construction ecosystem. TSMC broached the idea of creating a center two or three years ago when it started building new manufacturing capacity in the US and Japan, the company said. The center, dubbed an “ecosystem park,” would assist local manufacturing facility construction partners to upgrade their capabilities and secure more deals from other global chipmakers such as Intel Corp, Micron Technology Inc and Infineon Technologies AG, TSMC said. It
EXPORT GROWTH: The AI boom has shortened chip cycles to just one year, putting pressure on chipmakers to accelerate development and expand packaging capacity Developing a localized supply chain for advanced packaging equipment is critical for keeping pace with customers’ increasingly shrinking time-to-market cycles for new artificial intelligence (AI) chips, Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) said yesterday. Spurred on by the AI revolution, customers are accelerating product upgrades to nearly every year, compared with the two to three-year development cadence in the past, TSMC vice president of advanced packaging technology and service Jun He (何軍) said at a 3D IC Global Summit organized by SEMI in Taipei. These shortened cycles put heavy pressure on chipmakers, as the entire process — from chip design to mass