Socioeconomic Impacts of Gambling in Macau - Example

The paper "Socioeconomic Impacts of Gambling in Macau " is an outstanding example of a macro & microeconomics capstone project. The growth of the gambling industry in Macau has been massive since its legalisation in 2002. Given the amount of money involved in gambling and large transfers of cash, the impact on the economy and society cannot be ignored. The gambling industry in Macau currently has an international reputation, and this has attracted visitors from neighbouring China as well as from the world. The changes are taking place in the gambling city call for an assessment of the impacts taking place in the zone itself. A socio-economic profile of Macau before and after the introduction of gambling shows the development that has taken place as well as the effects of the development. There have been major economic milestones though accompanied by equally substantive social costs to the community of Macau. The purpose of this report is therefore to highlight the social and economic impacts that affect the gambling industry in Macau.

Socioeconomic Impacts of Gambling in Macau

1.0 Introduction

The present decade has seen a change in the perception of gambling form being viewed as a vice to possessing an entertainment value (Makharm and Young, 2015). Gambling primarily involves staking something of value with full knowledge of the risk involved and the hope of gaining in the outcome of an event. The practice of gambling has been seen in almost every historical society as evidenced by anthropologists’ studies on markings on tombs and ancient stones. Organised gambling done on a larger scale and sanctioned by governments began in the 15th century followed by legalised gambling and betting houses in the 17th century. The current century has also witnessed an enormous increase in the number of gamblers leading to the highlight of the diagnosis of pathological gambling.

The growth of gambling has additionally undergone a labelling process from being seen as a moral failure to an event that brings entertainment (Makharm and Young, 2015).