In 2002, Macau ended Stanley Ho's four-decade casino monopoly and issued new gaming concessions. Las Vegas operators—Wynn, Sands, and MGM—rushed in, transforming a Portuguese colonial backwater into the world's largest gaming market.

The Liberalization

Macau's gambling liberalization created a controlled competition among three consortiums: SJM (Stanley Ho's legacy company), Galaxy/Wynn, and Sands. Each brought different expertise, but the Vegas operators brought something entirely new: the integrated resort model.

Sheldon Adelson's Bet

Sheldon Adelson's Sands Macau opened in 2004, but his real vision was the Cotai Strip—massive resorts on reclaimed land between Macau's two islands. The Venetian Macao (2007) was the largest casino building in the world, replicating the Vegas model at Asian scale.

The Revenue Explosion

By 2013, Macau's gaming revenue reached $45 billion—seven times Las Vegas's. Baccarat-driven VIP play generated unimaginable profits. Vegas operators earned more from Macau than from Nevada, fundamentally reshaping their corporate strategies.

The Correction

China's anti-corruption campaign (2014-2016) devastated VIP play. Revenues crashed 40%. The market has since recovered around mass-market tourism, but the lesson was clear: Macau's fortunes depended entirely on Beijing's tolerance.