1 !"#Journal of Macau Gaming Research Association===== Issue 2KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK !"#$%&'()*+,-./01  !"#$%OR !"#$%&'()*+ ,-./0123456 !"#$%&'(%)*+,-./0 !"#$%&'()*+,-"./0123456789:;<=>?-#@ !"#$%&' !"# !" !"# !"#$%& !"#$%&'()*+,&'-./0*12340*56789:;<=>! !"#$%&'()*+,-./012345&%6789:;< =,>?@ !"#$%&'()*+,-./012"*3456789":;<=>?@A" !"#$%&'()*+,-./012345678.19:;<=&'(>?@ !"#$%&'( !" !"#$%&`bm^ !"#$%&' !"#$%&'()*!+,-./0123456789,:;&? !"#$%&'()*+,-./0123456$789:;<=>?@*AB/ !"#$ !"#$%&'()!"*+,-./012345,678&9: *+,1 !"#$%&'()*+,-./012345/6789:;<=>/?@AB !"#$% !"#$%&'()*+ ,-./01'2345 6789:;<=>2? !"#$%&'()*+,!-./0123456789:;<=>$?@.A !"#$%&'()*+,-./012345"6789:#NVVO ! !"#$%&'()*+,-. /0!12

2 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$%&'()*+$,- "%./0123,#456,78 !"#$%&'()*+,-./01234+56.+789:;<+=>5 !"#$%&'(')*"+,-./ !01.2345)*,67894!: !"#$%&'()*+,-./(012345+678NM !"#$%& !"#$%&'()*+,-./01&= !" !"#$%&'(!")*+,-.PMM !"#$%&'()*+,- !"#$%&'()*+,-./0123456789:;<&'=>"?@  OMMO !"#$%&'()*+,-./0 !"#$ !"#$% !"#$ %&'()*+,-./+012 *345678 9:;< !"#$%&'()*+,!-./'012#34!56789:;<=> !"#$% !"#$%&'()*+,-./0'123,45678"59:;'< !"#$%&'()*+,-./012345%&6789:6;<=>? ! !"#$%&'()*+,-./01234#56789:;3 !"QMM !"#$%NIOMM !"#$VMM !"#$PIMMM ! !"#$NRQ !"# $%&'()*"+,-./012)345"67 !"#$%&'()*+,-./01"2345)$6789 !"#$%&'()*+,-./01/'23(45(.67 89:;<= !"#$%&'()*+,-,./01%2 3456789:;<=<+, !"#$%&'()*+,-+./0%12345678.79:;<=>%? !"#$%&'()*+,-&./01234564789:;<&=>?&@ !"#$%&'()*+ ,-./%0123*456%789:;*<=>? !"#$%&'()*+,(-*./(01234#567(829:;<= !"#$%&'()*+,!" $%&'()"-./ 012304256

3 !"#Journal of Macau Gaming Research Association===== Issue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

4 !"#Journal of Macau Gaming Research Association===== Issue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

5 !"#Journal of Macau Gaming Research Association===== Issue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

6 !"#Journal of Macau Gaming Research Association===== Issue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mçåíÉ !"#$%&'%()*+,-./012#345!" !"#$%&'()*+,-./012345647 OM !"#$%&' !"#$%&'()*+,-&./0123456789:;<=>?@AB !"#$%&'( !"# !"# !"#$%&'()*#

7 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$%&'()*+,-./0123456789:;<=>?@ABC !"#$%&'($)*+,-./01234567.89:;< !"#$%&' !"# !"#$%&'()*+,-./012" !"#$%&'(  ! !"#$ !"#$%&'()*+$%,-./01&2345-67*89:;*<= !"# !" !"#$%&'()*+,-./01NV !"#$ !"#$%&' ()*+,-./012340567809:;<=>?'* !"# !"#$%&'()*+,-.%/0123456789):;<=/->? !"#$%&'()*$+,-!./!0123456"#789:;<=NUURNVOM !"#$%&'(&)*+,-./0123#456789:41 !"#$ NV !"#$%&"'()*+, !"#$%&!'()*+,-./0123*45678()*9:;<% !"#$%&'()*+,-./0123456#*789:;<=>?@A !" !"#$%&'()*+,-./0123456789TM !"#$% !"#$%&'%()*+,-./0123"456!789:;<8=>! Casino Estoril  Casino da Póvoa !"#$%&'() SOB !"#$Casino de Lisboa !"#$%&&'()*OMMS !"#$%&'()*+, !"#$%&'()*+,-./012#34&(5678,-89:;<=  !"#$%&'()*+,-./012345#67Portline !"#$%& !"#$%&'()*+,-./"01234&5678)*+,9

8 !"#Journal of Macau Gaming Research Association===== Issue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

9 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$%&'()*+,-./0 ======KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK !"#$%&'()*+ !"#$%&'()*+,-./012345678"9OMUM ! !"#$%&'()*+,-./012$3OMVM !"#$%&' !"#$%&'()*+,-./012345670189:+,;2<=>% !"#$%&'()*+,-./0123#4567859:;<+=>?3 !"#$% !&'()*+,-+./+01+23456+789:;"# !"#$%&'()RM !"#$%&'()*+,-./012$'(3* !"#$%&'()%*+,-&'./+0123.456789:;<=>? !"#$%&'()*+,-./01/23$4(56%&'7!89:;'< !"#$%&'()*+,-./0123456789:;<=>?@A ! OMMO !"#$%&'()*+,-./0123)$%435678!9:;< !"#$%&'()*+,-./01234 !56789#:;<=> !"#$%&'()*+,-./01234 5678.9:;<=0>?@A !"#$%&'()*+,-./0123456789:;<=0(>?@AB !"#$%&'()*+,-./#01234567#089::+;<= !"#$%&'()*+,-./%0123#456789:;<( =>%& !"#$%&'()*+,- !"#$%&'()*+,-./012"%3456789:;<(=>?@OMUM !"#$%&'()*+,$-./012345678$9:; !"#$%&'()*+,-./0123456789:;<=>?@ABCD1 !"#$%&'()*+,-./0123*456,78*9:;<=>?@A !"#$%&'()*+,-./0123456789:';<=>?23@ !"#$%&'()*

10 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$%&'()*+,-./OMMN !"#$%&'()*+,-./ !012345 !"#$% !"#$%&'() !"# !"#$%&'()*+,-./01& !" !"#$%&'()*+,-./01 !"#$ !  !"#$%&'()*+,-./0123456!OMMO !"#$%&'()*+,-./0123456789:;<= !"#$%&'()*+,-./0NIMMM !"#$%&'()*+,-./ !"#$%&'()%&*+,-./012345678'9:;<=#>?@ !"#$%&'OMMS !"#$%&'()*+,-./012345671 !"#$%&'()*+,-./012345)6789:1;<=> ?@1 !"#$%&'()jdj !"#$%&'()*+,-./-012345 !"#$%&'()*+,-./0123456789:;<7#$%&'=> !"#$%&' !"#$%&'()*+,-./0123456789:;<=>?@ ! ! "#$%&'()*+,-%./0123456 !"#$%$&'() *+,-./012345$6789 :;"#$< !"#$%&'()*+,-%./0123456789:;<=> !"#$%&'()*+,-./012345(6789:;<=>;?@ !"#$%&'()*+,-./01+23456789:;<=>,?@AB !"#$%&'()*+%&',-./012340526789:;<=>?0 !"#$%&'()*+,-./01234'56789:;<=>?@A5B !"#$%&' ()*+,-./012345 26789: ;<=*+> !"#$%&'!() !"#$%&'()*+,-./+,0123456789:;<0=>?@

11 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$%&'()*+, -./0123456789:;<=>&'?@> !"#$%&'()*+,-./0123456789:;<=>?@A'BC !"#$%&'()*+,-./0123456789:;<1=>?01@ !"#!$%&'()*+,-.)/012345678-.9:;<=!>? !"#$%&'()*+,-./01234&)*567./89:;<=>? !"#$%&'()*#+,-./0123/4567-89$:;<-=>? !"#$%&'()*+,-./01234%56789:;<=>?@A-B !"#$%&'()*+,$-./012-345!612 789:;<=> !"#$%&'()*+$,&-./01234567&89*4:;<=>- !"#$%&'()*&+,-./01234#546789:;<=>1?@ !"#$%#&'()*+,-./0123456789:;<=>?@A?@A !"#$%&'()* !"#+,-./0123456789:;<=>?@ !"#$%&'()*+,-.'/(012345678$9:;<=>?4@ !"#$%&'("#)*+$,-./0%&'123456789:;<= !"#$%&'()*+(,-./0123456789(:;)*(<=>= !"#$%&' ()*+,-./0!1#23,-./456789:# !"#$%&'()*+,-. !"#$%&'()*+,-./01234#5678 9:;<=>&6= !"#$%&'()*+,-. !"#$%&'()*+,-#$./01-234-".-56)7-89: !"#$%&'()*+,-./0123,-456789:;<=>0?7@ !"#$%&'()*+,-./01 2345678+9:/;<=>?@A !"#$%&'()*+,-./01234567&89:;<=>?.OMMO

12 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$%&' ()*+,-./012%&3456789:;/<=>6 !"#$%&'()*+,-./01234+5678,-9:;<.=,>UV !"#$%&'()*+,-./012 !"#$%&'()*+,-./01&'234567"+89:;<=> !"#$%&'()*+",-./012345678"9:;<=>?@0 !"#$%&'()*+,-./01234$56789:;<=2>?@AB !"#$%&'()*+,-./0123456789:;./<=>?@ !"#$%&'()*+,-.'/0123456789:;<=>?@AB !"#$%&'()*+,-./012-.3456789:;<=>*6? !"#$%&'()*+,-%./0-1234567!89:;<=>?@A !"#$%&'()*+,-./01234&'567!+,8 9:;< !"#$%&'()*+,-./0123 456789:#!%;<=>? !"#$%&'()*+,-./01$%&234567+)*89:;0< !"#$%&'()*+,-./0123/4556789:;<=4>8 !"#$%&'()*+,-./012%3456784)9:;<=>?@ !"#$%&'()*+,-./01234 56#$789:;(<= !"#$%&'()*+,-./*0123456789:;<=>?=@ !"#$%&'()*+,-./0123456789:;<=>?@ABCD !"#$%&'()*+,-./0'1&230'45678&9:;< !"#$%&'()*%&*+,-./012 !"#$%&'()*+,-./01234567 89: !"# !"# !"#$%&'()*+,-./01234%56789:;<=>?@A/ !"#$%&'()*+,-./01234!562789:;<=>?@A

13 !"#Journal of Macau Gaming Research Association===== Issue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

14 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$%&'()*+,-./012 34567+,89:;<8=>? !"#$%&'()'*+,-./0123456$789:;<=>?$@A !"#$%&'()*+,-.OMMS !"#$%&'()*+,-./01 !"#$%&'()*+,-./0%12)345*678%9 !:;< !"#$%&'()OIRMM !"#$V !"#$%&'()*+,-. R ! TOB OMMP !" OSIVMM !" OMMU TIQMM !" !"#$%&'()*+,-./&'01234(56 789:;<=)2 !"#$% !"#$%&'()*+,-./0 12#$3456789:;<=>?@ !"#$%&'()*+,-./01&'234$56789:;<=>?@- !"# !" !"#$%&'()*+,-./0123&'45 !"#$%&'()*+,-./01234 567893:;<.=>?@; !"#$%&'( )*+,-./0123456789:;<=>?@AB !"#$%&'()*+,-./0123456"789:;<=>"?@A !"#$%&'()*+,-./0123'456789:;<&=>'?@# !"#$%&'()*+,-./01234 56789:;,<=)>?@A !"#$%&'()*+,-./0123456.789:;"<=>?@A !" #$%&&'()*+,-./0$1(23 !456789:;<= !"#$%&'()*+,-./0123456789:;<=>/4;? !"#$%&'()*+,-./01234(56$ 789:/0;<=> !"#$%&'()*+,-. !"#$%&'()*+,-./01234"56789:;<,=>?@A !"#$%&'()*+,-./0123456789:;<)=>?@ABC !"#$%&'()*+,-./01!23456)7897:;7<=>?@ !"!#$%&'()*+,-"./01234565789:;<=>?@A !"#$%&'()*+,-./0123%456789:;<=>?@ABC !"#$%&'()*+,+-./0123456789:;<=>?@AB

15 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$%&'()*+,-./0123456789:;< <=&>?@ !"#$%&'()*#$+,-./0123456789:;<=>?@A !"#$%&'()*+,-)*./012345678#9:;< =>?@A !"# !"#$%&'( !"#$"% !"#$%&'()*+,-./012(%.3456789:;<=.0> !OMMQ !"#$%&'%()*+,-./012345 6789:;< !"#$%&'()*+,-,./0123456789 :3;<=>,-8 !"#$%&'()*+,-./0$%1233456#$%!789:;< !"#$%&'()*+,-./0123456789:";<=>1?@AB !"#$%&'()*+,-./+0 1&2345'(6789$:;6<= !"#$%&'()* +,-./-012%3456789:;< =>4? !"#$%&'()*+,-./012!34567 !"#$%&'&()*+,-"#$%./01234516789:;"# !"#$%&'()*+,-./012+345601789:;<=:> !"#$%&'()*+",-./012345%678&9%:;<"=> !"#$%& '()*+,- ./01234%56$%& 789:;<= !"#$%&'()* !"#$%&'()*&+,-./0 !*123*45678!9:; !"#$%&'()*+,-./0#$ !12'34*56789:*78; !"#$%&'()*+,-./012345'678,9,:;<=>,?@ !"#$%&'()*+,'-&./01234$%56789:;-<.=  !"#$%#&'()*+,'-./01)23456789:;<='-> !"#$%&'()*+,-./012345$,-167&89:;<=>< !"#$%&'($)*$+,-$./01$234$5678-$9:4;< !"#$%&'(#)*+,-./01.2',345*+&')6/789

16 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$%&'()*+,-./$$0123-456789:#!"#23; !"#$%&'()*+,-./01234567,89:;<=>?@AB !"#$%#& !"#$%&'()*+,-$%.&'/0(1234 !"#$%&'( !")*# !'(+,-./0'(+12'(+34'(+ !"#$ !"%& !"'( !)*+,-)*./01,2 !345 !"#$%&'()*+,-./)*012(3456789:;$<=>9 !"#$%&'()*+,-.!/0123456789:3;<=>?3@A !"#$%&'()*+,-./0123456%7'(89:;-<=>?@ !"#$%&'()*+, -&./012345 6789 !"# !"#$%&'()*+, !"#$%&'()*+,-./01`bm^ !"#$%&'(`^cq^ !"#$%&'(mmoa ! !"#$%&'()*+,-./01!"#$23456789:;<=>?@ !"#$%&'()*+,-./0$123456789/:;<=>%? !"#$%&'()*+,-./ !"#$%&'()*+,-./0123456789:;<=>?@A !"#$%&'()*+,-./01234560789:;<=>?@ABC !"#$%&'()*+,-#./012345/QKU !"#$%&'() OKOQ !"#$%&'()*+,-./0123456789*+:;12< !"#$%&'()*$+,-./0123456789:;<=>? ! !"#$%&'()*+,-./012(!*+3$%456782(9: !"#$%&'()*+,-./012+,3 !" !"  !"#$%&'()*%&+,-.*%&/01234,563789+:;< !"#$%&'()*+,-./01234567 ! !"#$%& !"#$%&!'()*+,-.)/0123&4567&89:; !"# !"#$%&'()*+,-./012345/6789:+;< !"# !"#$%&'()*+,-./012345678,)9:;$<=>? !"#$%&'()*+,-./0123456789&:;<=>

17 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#"$%&'()*+,-./012 !"#$%&'()*+,-./0123456789:);<-=#$>( ! "#$%&'()*+,-./01234567()89:; 34<=  !"#$%&'()*+,-./0123456 !"#$%&'()*+,-.(/01234567819:!;<=>?) !"#$%&'()*+,-./0123456789:&;<=>?@AUM !"#$%&'()*+,-./0123456789:;<=>?@AB-C !"#$%&'()*+,-./0123456-789:;< !"#$%&'()*+,-./0123456%789:;<=>?@AB !"#$%&'()*+,-./0123456789:RM !"#PM !"#$%&'() *+,-./012&3456789 :!";/<=>% !"#$%&'()*+,-./012'345#6(789:;<=>? !"#$ %&'()*+,-./0123456789:;<=/>?@A !"#$%&'()'*+,-./0123$45+67 !$89:;<= !"#$%&'()*+,-./'012&3456789):!";< !"#$%&'()*+,-./01+234567#89%:.1+3;<= !"# !"#$%&'( )*+,-./01234567894:;<=>?2@ !"#$%&'()*"+,-./012*3456789:&';<=;( !"#$%&'()*+,-&./.01'2313'4567 !"#$%&'(()*+,'-./01234056789*:;'<=> !"jdj !"#$%&'()*+,-)./0&123456789:; !"#$%&'(")*+,-.&/01234"56789:9;<=>.-OMMO !"#$%#&'()*+,-./0 12340567 !" !"#$%&!'()$*+,-. !"#$%&'()*(+,%-. !"#$%&'()*+,-./!0123#45678

18 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$%&'()*+,-./#012345*+,-67./81#9: !"#$%&'()*+,-#./$0123456789:;<=>?@$A !"#$%&'( !"#$% !"#$%&'()*+,-./0 !"#$%&'()*+,-./0123456789:;"<=>?@&AB !"#$%&'()*+,-./0123456789:;<;=>./!#? !"#$%&'()*+,-./001234567'89:;<=> ?@ !"#$%&'()*+,-./0123456789:;<=>?4@AB/ !"#$%&'()*+,-./0 1234+5-/06789:;<= !"#$%&'()*+,-./012 3456789:;<=>?@AB !"# !"ÅÜÉåOMMO !"#$%&'()* !"#$%&%'( PÖçì OMMO !"#$%& '()*+,-./ !"# OÑÉåÖ !"##OMMP !"#$%&'()*+,-. !"#NMòÉåÖ !"#$%OMMQ !"#$%&'()*+,-./ !"# NOòçì OMMP !"#$%&'()*+,-./01234 !"#$  S  !"#$%&'()*+,-./01123456789:;6/0<=>+,-.? !"#$%&$'()*+,-*+./012%&-34%&5

19 !"#Journal of Macau Gaming Research Association===== Issue 2 !" !"# KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK !"#QMB !"#$%&'()*+,-./012345601  !"  !" !"#$% !" QMB ! !" !"#$% ! !" #$% !"#$%&'()**+,QM !"#QM !"#$%&'()*+, !"#$%&'()*+,-.)/01#23QOP !"#$%&'NSV !"#$%&'()*+, !"#$%&'()*+, !"#$% !"#$%&'()*+,-./0%123456789:;RM !"#RMNSV !"#$%&'()*TT !"#$%&'()*+ !" N !"#$%&!"#'()*+,-./01#23,45!"#$%)678 !"#$%&'()*+,-./012!34$%&5#67801278$% !"#$%&'()*+, -./012  !"# !" ! !"#$%&'()*+,-./01234+56789 !:;<=$ !"#$%&'#$()*+,-./01$()23456789:;7 !"#$%&'()*+,-."/012%3 !"#$% !"#$ !"#$%&'()*+,-. !",/01234/567894:;,/< !"#$%&'()NIMMM !"#$%&'()*"+,-./012 !"#$%&'()*+,-./0012/3456789:;,<=>?@AB,/CD4EFG/GHIJK !"#$%&'()*+,-"#(./012-3456789:678;<=>678?  !" !"#$%&'()#$*+,-./'01234'567289:;<#$=>2?@ABCD ! !"#$%&'()* +%,-./01 '(2345678$% !"#$!%&'(")*+ !"#$%&'()*+),-.*+)/0.*+)12.*+)345-67!"#89:#;<=6>?@A !"#$%&'()*+),-./0123456)"#789$%&':;<=> !?@AB$);234C !"#$%= N

20 !"#Journal of Macau Gaming Research Association===== Issue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

21 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$%&'$()*+,-()./,0%&./123.#0%&45. !"#$%&'()*+',-*+'./0"123456789 !"#$%&'()*+,"-./0123456789:;'(<=># !"#$%&'"#(%)*+,-./éçïÉêÑìä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

22 !"#Journal of Macau Gaming Research Association===== Issue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ÉÑÑáÅáÉåÅó=ÉÑÑÉÅí !"#$%&'()$*&'+,$-./012()#34'5 !"#$%&'()$*+,-./0 123456'789:;<=3>' !"#$%&'()*+ ,-."/0 !" !"#$%&'( !"#$%&' ()*#$áåëíáíìíáçå~ä=ÉåíáíáÉë !"#$%&'()*+,-./01234567 !"#$%&'()*+,-./ 0123 !"#$&'()*+,-45 !"#$62378 !"#$ !"#$%&'()*+,-./012%3456()*7(8()*9:;()*<=>?@ABCADE !"#$%&'(= O

23 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$%&'()*+,-./0!"#$12345 !"#$%& !"#$%&'() *+,'-./012345)678')9:'(;6<. !"#$%&'()*+,-./01)2324567 !" !"# !"#$%&'()*+,-./012$345678#9:;<=>/?@$ !"#$%&'()*+#,-./0123#$456789:;<=>?@A !"#$%&'()*+,-./0123+456789:;<=>?@9A !"#$%&'( !"#$%&'()* !"#$%&'()*+,-./0*12345$36"#789: !"#$%&'#()*+,-./0123,45$%ÅçãéÉíÉ=ìåÇÉê=íÜÉ=êìäÉ !"#$%&'() !"#$$%&' !"#$%#&'()*+, !"#$%&'%&()*+,-./0123 $4'5()678-9:; !"#$%&'()*+,-. !"#$%&'EÅçãéÉíÉ=Ñçê=íÜÉ=êìäÉ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

24 !"#Journal of Macau Gaming Research Association===== Issue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Çê~ÖJáå  !ï~äâJáå !"#$%&'()*+,-./01-2345678 !"#$%&'()*+,-./012"3456789:;(<=>?"@A !"#$%&'()%*)+,-./01234"#$%567 !"#$%&'()*+,-.%/*012345678(9:;<=>?: !"#$%&'()*+,-./"-01234)*-012'5678)9  !"#$%&'()*+, !"#$%&'()* !" !"#$%&&'() !"#  !"#  !"#$%&'()*+,-+./0/123/45678!"9:;<=*

25 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$%&'()*+,-./ !0-12345678/9:80;< !"#$%&'()*+,(-./012345$%*6 !"# ! !"#$%$&'()*$+,-.%/012343567$89:;'<=> !"#$%&'()*+,-.()/0123(4$56789:12.;<. !"#$%&'()*+,-(./&012345 601789:;<) !"#$%&'()* !"#$%&'()%*+!,-.$/0123456789:;!<+5= !"#$%&'()*+,-./01 !23456789:;.<013 !"#$%&'(()*+,-./'./0123456%789):*;<4 !"#$%&'(#)*+,-./0 .NSM !"#$%&'()*+,- !"#$%&'()*+,-./012345678%9:;/<=>?" !"#$%&'()*+,-./01234567879:;<=>?@ABC  !"#$%& !"#$%$&'( !"#$%&'()*+,-./0"123+,-./04567  !"#$%&'()*+,-ÜçäÇ !"#$%&'()*+,-./0 !"#$%&'()*+  !"#$%&'()*+,-./0123 !"#$%&'()*+,-./01!23 !"#$ !"#$ !"#$%&'()*+,(-./0123 45 6789:;#<=>?@ !"#$%&' ()*+,-./0 12345,/678*+9: ; !"#$%&'() *+ !",-#.%/0123 45 6014L !"#$%"&'()*+,-./0#101213#4567$%89:;< !"#$%&'()*+, !"#$% !"#$%&'()*+,-./0123456789:;<=>"?+@A !"#$%&'()*+,-./01%23(NM !"#$%&'() QM !"#$%&'()*+,-./0123(456789:;<=> !"#$%&'()*+, !"# !"#$%&'!()* +,!

26 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$% &'()*!+,-./01 !2345/6781 !9:;< !"#$%&'()*+,-./012345678,9*:;<=>72?@ !"#$%&'()*+'(),-./"#$01234567829:;< !"#$%&'()*+ ,-./01234567 &89:;<=->ìå~ÑÑçêÇ~ÄäÉ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

27 !"#Journal of Macau Gaming Research Association===== Issue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äáF=OMMO !"#$% !"#$%&'()*+äáì OMMM !"#$%& !" ! !" U  N !"#$%&'()*+,-./012345)*678= Q

28 !"#Journal of Macau Gaming Research Association===== Issue 2ï~åÖ OMMP~ !"#$%&'()!"*+,-./+,0 !"# !"ï~åÖ OMMPÄ !"#$%&' !"#=NN OPï~åÖ OMMPÅ !"#$%&'()* ! !O R Sï~åÖ OMMQ~ !"#$%&'()*+, !"# NUï~åÖ OMMQÄ !"#$%&'(&)* !=O ONï~åÖ OMMR !"#$%&'( !"#=P Sïì !"#$NVVV !"#$% !"#$OMMPqÜÉ=OMMP=`~ëáåç=~åÇ=d~ãáåÖ=j~êâÉí=oÉëÉ~êÅÜ=e~åÇÄççâI=qÉêêá=`K=t~äâÉê=`çåëìäíáåÖIfåÅKI=j~êÅÜ=OMMPKe~ëÜáãçíçI=h~íÜêóåX=häáåÉI=pÜÉêóä=cêáÉÇ=C=cÉåáÅÜ==dÉçêÖÉ=dK=EOMMMFK=`~ëáåç=j~å~ÖÉãÉåíLm~ëíLmêÉëÉåíLcìíìêÉK=OåÇ==bÇK=hÉåÇ~ääLeìåí=mìÄäáëÜáåÖ=`çãé~åóK !"#$%&'())*+"#,-(./01

29 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$%&'( KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK !"#$%&'() !"#$%&'NUNV !"#$%&'()*+,-./0123456 !"#$%& !"#$%&'()*+,-./%01234 OMMONM !"#$%&'()*+,-./01234 !567+89:;<=>?OMMQ !"#$%&'()*+),-./01234 OMMQ P !"#$%&'(dÉçêÖÉ=vÉç !"#$%&'()*+,-./01234-5678 OMMQU !"#$%&'()*+,-./01.23456789:;<=1UOO !"#$%$&'()*+,-./01 !"#$%&'()*+,-./ !"#$%&'()*+,-./01234567,89:6;7,8 !"#$%&'()*+, !"# !"#$%&' ()*+,-( !"#$%  !"N !"#$%&'()*+,-./0123,456789:;<=>?@AB !"#$%"&'()*+,-./012#3456789:;<=*>?#@ !"#$%&'!()*+,-./0123456789:;<=>?@ABC !"#$%&'()*+,- !"# !"# NT !"#$%&'NR !"#$%&' O !"#$%&'()*+,-./)0123456789/:NO !" !"#$%&'()*+,-./012345678945%:;<=>OMMRO OU !"#$%&'()*+,-./012$34564789:;<=NV !"#$%&' !()*+,-NN !"#$%&'()*jdjJjáê~ÖÉ !"#$%&'()báÖÜíÜ=tçåÇÉê !"#$%& !"#$%&'( = ! OMMQ U OQaç=`blë=Ñ~îçìê=Ü~îáåÖ=~=Å~ëáåç\=qÜÉ=_ìëáåÉëë=qáãÉëI=NQ=pÉéíÉãÄÉêI=OMMQKNO

30 !"#Journal of Macau Gaming Research Association===== Issue 2hÉêòåÉê=fåíÉêå~íáçå~ä !"#$%&' ()*+#,-./ 01#234. !"#$=q~ÄÅçêé !"#$%m_i !"#$%&'()*+,pí~åäÉó=iÉáëìêÉ !"#$pâóÅáíó !"#$%&'()*+,-./0 !"#$%&'(!")*+,-#$./+,0#%1+,234 !"#$%&' ()*+ NMM ! P !"# !"# !"#$%Q !"#$%&'()*+,-. !"#$%&'()*+,-./01234567823'(9:1;<./0= !"#$%& V !"#$ %& OMMV N !"#$%&'()*+ !"#$%&'()*+,-./01234567894./:;<=>? !"#$%&'()%*+,-./01234567./%89:;<=>? !"#$%&'()*+,-. !"/01234567!"89:  !"#$%&'()*+ ,-"./01234%5678"9:;<=>?" !"#$%&'()*+,-. Q !"#$%&!' !"#$%&'"( )*+,-.!"/012345!"67+8-/"9 !"#$%&'()*+,-./0123456'7389:j~êáå~=pçìíÜ !"#$%&'()*+,-./$%&0123456789 :;<'( !"#$%&'RMM !"#$%&'()*+,-./0123456789 !"#$%&'()*+,-./0123456789:;<=>?-@ABC !"#$%&'() (*+,-./0'&1234566#7%89&' !"#$%&'()*(+,-./0123456+789:; ! !"#$%&'()*+,-. !"#$%%&'()*+,%&-./,0123456789:3;<= !=`ÜçI=qÜçã~ëI=páåÖ~éçêÉDë=éêçéçëÉÇ=áåíÉÖê~íÉÇ=êÉëçêí=ÖÉíë=ÖççÇ=êÉëéçåëÉI=`Ü~ååÉä=kÉïë^ëá~I=OU=cÉÄêì~êóI=OMMRKd~ãáåÖ=íáí~åëD=pDéçêÉ=ïáëÜJäáëíI=qÜÉ=_ìëáåÉëë=qáãÉëI=NR=j~óI=OMMQKPQ

31 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$%&'()*+(,-./012'!3456789:;< !"#$%&'()*+,-./0123NO !"#$%&'%() !"#UM !"#$%&'()*+,R= !"#$%&'()  !"#$%&"'()*%&"+!",-"./0123"456789 !"#$%&'()*+ !"#$%&NMOM !"#$%&'()'*+,-./012 !"#$%&'()*+,-. !PM !"NU ! ! !"#$%táääá~ã=tÉáÇåÉê !"#$%&OM !"#$%&'( S= !"#$%&'()*+,-./0123456/789:;<= !"#$%&'()*+,-.#/0123456789:;<9=>? !"#$%&'()*+,-./+01  !"#$%&'()*+,-./0 !"12,!" 3456789$ !"#$%&'()*+,-./01*+,234+56789:;<= !"#$%&'()*+,#+%&'-./0%1234567896 !"#$%&'($)*+,-./0123456789:34;<=PMB QMB RMB !"#$%&'()*+,-./0123 T !"#$%&'()*+,-./0123456789:;<=> !"#$%&'()*+,-./0123456789:; ! !"#$%&'()*+,-./012345678/9:;<=>?; !"#$%&'()*+ !"#$%&'$()(*+,-./01 !"#$ !%&'()*+, NMM !"#$ OMMM !"#$% !"#$%U= !"#$%&'()*+ ,-./012345678p~åÇë=Å~ëíäÉ=áå=pÉåíçë~\qçÇ~óI=ON=j~óI=OMMQKsÉÖ~ë=áå=^ëá~I=qÜÉ=píê~áíë=qáãÉëI=OP=j~ó=OMMQKbÅçåçãó=çå=íê~ÅâI=Å~ëáåç=ëíáää=ìåÇÉê=ÅçåëáÇÉê~íáçåI=qçÇ~óI=OR=lÅíçÄÉêI=OMMQKtóååI=jdj=jáê~ÖÉ=_áÇ=Ñçê=páåÖ~éçêÉ=`~ëáåç=cê~åÅÜáëÉI=_äççãÄÉêÖI=OU=cÉÄìê~êóI=OMMRKRSTUGGGGG

32 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$%&'()*+,-./012'&345678'9:;< !"#$%&'()*"+,- !"#$%&$%'()*+,-./012345,6789:;9  !"#$%&'()*+,-./012345678'96:()*;<' !"#$% NM !"#$%&'()*+!,-./0123456.78NMOM !NN= !"#$%&'()*+,-./01&23,-4$%&'()*+ OMMQ ! OUKQ !"#PKUZrpAN ! OMMP !" NNKR !"#$ !"#$%&'()*+,-./0123456789:;!,<=4>? !"#$%&'()$*+,-./01$23456-789:;<=>-?@ !"#$%&'() !"#$%&'() !"#$%&'()*+,-./0123456789:;<=>?@ABC !"#$%&'()*+,-./0123456/-789:;<45=>?@ !"#$%&'()*+,-./0123456 789*+,:;#$<=> !"#$%&'=pÉåÉîáê~íåÉI=h~äáåÖ~=I`~ëáåç=mä~åë=píáê=aÉÄ~íÉ=áå=líÜÉêïáëÉ=oÉíáÅÉåí=pçÅáÉíóI=fåíÉê=mêÉëë=pÉêîáÅÉ=kÉïë=^ÖÉåÅóI=OU=g~åì~êóIOMMRK ! !"#$%&' !"# OMMQ P  OQ i~ë=sÉÖ~ë=oÉîáÉïJgçìêå~äI=N=j~êÅÜI=OMMRKVNMNNGGG

33 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$%&'()*+,-./(01234)*56 789:;< !"#$%&'()*+,-./0123456789:;<=>?@ABCD !"#$%&'()*+,-#./0NO= !"NM !"#$%&'() !"#$%&'(# VMM !"# NTMM !"#$%&'()*+, SP !"#$%dam TB !"#$%&'()*+,-./01-23456 !"#$%&'()*+,-.*/(0123456-78("9*/:;<= NVVT !"#$%&'()*+,- SMB !"# NP=NVVT !"#$% SO OMMP NIMMU !"NVVTNS !"#$%&'()*+ !"#$%&'$()*+OMMQNM !"#$%&VRM !"#$% OMMP !"#$ !"#$%&'()*+,-./01 !"#$% !"#$%&'(#)*+,-."/0 !1234*56789:;%&'( !"#$!%&'()*+,-./0%&'()12#$345!6789:; !"#$%&'#()*+,-./012345678$"9:;<()*+= !"#$%&'()*+,-./012#3456&7849(7(*49 !"#$%&'()*+,-./012345678-9NQ= !"#$%&' !"#$%&'()*+&,-./01234567 ON !"#$%&' !"#$%&'$()*+,-./0123$45'6^_k=^ãêç  !"#$ %&'()* VM !"#$%&'( RMM ! " NR OMMN !"#$% !"#$%&'()%*$%+,-' OMNM ! OPM !OMMM !"#UM !NR= !"#$%&'()*+,-./012 !"#$%&'(!)*+,-./0123456789:;<=>?@A !"#$%&'()*+,-./%012345678"9:;<="> ^å=réÇ~íÉ=çå=páåÖ~éçêÉDë=mä~åë=íç=léÉå=~=`~ëáåçI=o~Çáç=páåÖ~éçêÉ=fåíÉêå~íáçå~äI=V=kçîÉãÄÉêI=OMMQK !"#$%&'(!)*+,qçìêáëã=ïçêëÉ=çÑÑ=áÑ=pDéçêÉ=ÇÉÅáÇÉë=~Ö~áåëí=Å~ëáåçI=qÜÉ=_ìëáåÉëë=qáãÉëI=NO=gìåÉ=OMMQKd~ãáåÖ=Öá~åíë=ÉóÉ=páåÖ~éçêÉI=qçÇ~óI=OQ=j~êÅÜ=OMMQKcçêìã=çå=d~ãáåÖW=`~ëáåç=êÉëçêí=ã~ó=Äççëí=damI=ë~óë=ÉÅçåçãáëíI=qÜÉ=píê~áíë=qáãÉëI=NU=kçîÉãÄÉêI=OMMQKNONPNQNRNS

34 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$%&'()#*+,-./01234567-89/:;<=> !"#$%&'()* PISMM !"#$% NIRMM !"#$%&'()dam R !"#$%& NS !"#$%&'(")*+,-./!0123456789.:;<=> !"#$%&'()*+,-./0123456789:;<=>?&@56A !" !"#$%&'()*!+,-."#/01+,-&23456789:6; !"#$%&'()*+,-./01234#$%5)678OR !" !"#$%&'()*+,-./0123456789(:;<=>?@ABC !"#$ !"#$%!&'()* !+,-./01$2345&67801$ 9+ !"#$%&'()*+,-&'./01%23456789:;<=>&*? !"#$%&!'()*+,-.!/01$%&234567'(89,: !"#$%&'()*+,-./0+1!2345 NT !"#$%&'()*+,-./012345)*+6789:;<=>?@ !"#$%&'()*+,--./0123456789 :;<=&>?@A !"#$%&'()*+,-./%&'01234567"#$89:;4<5 !"#$%&'()*+,-./012345/06789:;<=>-.oáéäÉó=båíÉêí~áåãÉåí !OMMQT !"#$%&PKR !"#$%&'() !"#$%&'(sáää~ÖÉ=oç~ÇëÜçï !"#$%&'()*+,-./01 !"#$%&'()QIMMM !"#$%&' ()*+,-./012345 !"#$%&'()*+,-./0&123456789:*+,;<=> !"#$% &'()*+,-'./()*01"234%()*5678q~é=Å~ëáåçëD=éçíÉåíá~ä=Ñçê=ÅäÉ~å=ÉåíÉêí~áåãÉåíW=~å~äóëíI=qÜÉ=_ìëáåÉëë=qáãÉëI=NO=j~óI=OMMQKNT

35 !"#Journal of Macau Gaming Research Association===== Issue 2 !" !" !" ! !" !"#$%&'( !"#$%&'()*+,-./0123NMT !"#$%NIUVN !" !"#$%&Ö~ãáåÖ=êççã !"#$%& OMMO OMMP !"#$ !"#$%&'()*VKNU !"#$%&'()*+,-.%/!NLNMNU= !"#$%&%'()*+,-."/012$345678"#$9,:;!< !"#$%_~í~ã !"!#$%&'(&)*+,-./0.,1.2 !"#$%&'()#*+,-."/01234506789,:;<=>?@ !"#$%&'()*+),-./0( 123456780+,9:;<=>qÜÉ=fååçî~íáçå=dêçìé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q~âáåÖ=íÜÉ=Ö~ãÄäÉKKK=~åÇ=âÉÉéáåÖ=ëçÅá~ä=áääë=çìíI=qÜÉ=_ìëáåÉëë=qáãÉëI=OQ=^ìÖìëíI=OMMQK`~ëáåç=éêçàÉÅíÉÇ=íç=éäìÖ=ANKTÄ=äÉ~â=çîÉêëÉ~ëI=qÜÉ=_ìëáåÉëë=qáãÉëI=NQ=j~óI=OMMQK`~ëáåç=oÉëçêí=táää=_É=mçëáíáîÉ=cçê=páåÖ~éçêÉI=açï=gçåÉëI=NQ=j~êÅÜI=OMMRKNUNVOMON

36 !"#Journal of Macau Gaming Research Association===== Issue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

37 !"#Journal of Macau Gaming Research Association===== Issue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j~áåáÅÜá=pÜáãÄìå=E !"#F OMMQ  R  NQOO

38 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$%&'()*+,-./0123456789:S !"#$% !"#$%&'()*+,-./0123456789':;<=>?@AB !"#$%&'()!*+,-./0(1$%23456789:;OP= !" !"#$%&'()*+,-./0&123456,7Y):;3<=> !"#$%&'()*+,-./012$3456789:$;<=>"#?@ !"#$%&'()*+,-./01234567899:;+,<=>1?@ !"#$%&'()*&+,-./0 !"#$%&'()*+,-./012+34567 89.0:;<=+ !"#$%&'()*+, -./0&123$4%5&67*+89123: !"#$QR !"#$%&'()*+,-./0'1)2345,6789 !"#$%&'()*+,-./012./3456789:;<==>  !"#$%&'()*+,!"&'-./ 0123456789.:;< ^äá=p~Çáâáå NVSSNVTT !"#$%&'()*+,-./0123 !"#$ !"#$%&'()*+,-./)0+123456789:);<=>?@ !"#$%&'()*+,-./01234,'./56789 !"#$%&'()*+,"-./01234/56789):;<%*+ !"#$%&'()*+,-./01234567849:;<=>?6@AB !"#$%&'()*+,-. !/01234"567,89:01;<=> !"#$%&'( !"#$%&'()*+,-./0#123456789:#*;<=4>? !"#$%&'()*+,-.'/012%&'34567,!89#:;'< !"#$%&'()*+,-./0123456789:;<=>?@AB3 !"#$%&'()*+,-./01234516789:"#;6789,< !"#$%&'( !" OMMQ S  NMOP

39 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$"%&'()*+,-./0123456789:;<=&'>? !!" !"#$% !"#$%&'($)*+,-./01234 !"#$%&'()*+,-./0123456789:$%&'()*;<- !"#$%&'()*+',-./0123 !"#$%&'("#$)*+,-./0123456.7$89:23;< !"#$%&'()* ! !"#$%&'()*+,-./ 0 !"#$%&'()*+,-./01234/056789:&;<=>/ !"#$%&'()*+,-./01"2%3456789:;<=>?;<= !"#$%&'()*+,-./0123*4567*89:;<=>?@* ! !"#$%&'()*+,"#-.(/012

40
 !"#Journal of Macau Gaming Research Association=====
 Issue 2
 !"#$%&'()*+,-./$0123-$45'(6)*789:;<
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 !"#$%&'()*+,-./012345$ 6IntroductionGambling in Macao has existed almost from its outset, with the legalisation of gambling inMacao in the 1850’s to raise much needed funding for colonies such as Timor (Gunn, 1996), and acasino monopoly market that lasted in Macao from the 1930’s to 2002 with the most recent monopolyconcession holder being Sociedade de Turismo e Diversoes de Macau (STDM) from 1962 to 2002(McCartney, in press). Hong Kong and China do not permit legalised casino gambling, and thereforethis spatially restricted legal location within China ensured Macao has enjoyed a comparativeadvantage and thus been exceedingly lucrative.Nevada is equally a success story as it was possible to secure itself as a gaming monopolyjurisdiction by being the first and for a long time, the only state in the US where gaming was legal.CASINOS AS A TOURISM REDEVELOPMENT STRATEGY--THE CASE OF MACAOGlenn James McCartneyKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK

41
 !"#Journal of Macau Gaming Research Association=====
 Issue 2However, as more states in the US legalised casinos to generate tax revenues and contributionstowards social and infrastructures projects (Eadington, 1996), casino saturation also slowly set in,‘build it and they will come’ became less of a certainty. Some casino jurisdictions as a result‘stagnated’ leading many to look at redevelopment strategies and alternatives. Stansfield (1998)also warned that in the face of stiffer and newer competition there would be a greater need to matchthese new standards or be permanently eclipsed, ‘casinos, even entire resorts, that fail to buildanew, expand, remodel, and diversify their total attractions packages to meet the new industrystandards risk an image of losers-faded, obsolescent facilities no longer worth a visit’ (ibid, 48).With Macao, it benefits from having a border-location strategy essentially feeding off theHong Kong and China outbound tourist markets (common to other jurisdictions such as Canadacapturing large pockets of border populations in the US, and Egypt capturing the Israeli market).Such a strategy will only remain successful however as long as the target market remains gambling-free and thus making it necessary for a regulatory environment to sustain this economic structure(Przybylski, Felsenstein, Freeman & Littlepage, 1998), such is the case of Macao. Collins (2004:102) also writes that ‘the general lesson from gambling destination casinos is that people don’ttravel to them in order to gamble unless they have no choice’ and mentions Macao as such adestination, going on to write that ‘Macao has been a highly successful gambling destination, eventhough it has had a very murky reputation and its casinos hitherto have exhibited the poor standardsof quality characteristics of businesses which are effective monopolies. Its success has been due tothat fact that in neighbouring Hong Kong and elsewhere in the region casinos are illegal.’Essentially, the casino monopoly that has existed in Macao has been in a non-competitivecondition, favouring one side of the border to China and Hong Kong. As examined by Felsenstein& Freemand (2001: 511), the ‘border is a favorite site for the development of casinos, particularlyif a large market exists on the other side’, warning that this can be a precarious situation dependenton the conditions that exist on the adjacent locations on the other side.The Macao Government after having a gaming monopoly of over 60 years, of which the STDMcasino monopoly lasted for the last half of this, chose to open one of the world’s most lucrativegaming concessions to international organisations (McCartney, in press). In 2002, Macao sat as theworld’s third largest gaming market, and with gambling revenues of US$3.5 billion in 2003, theyear saw an increase of 27% on 2002 (Healy, 2004), with gaming revenues accounting for around70% of total Macao government revenue. The liberalisation process has catapulted Macao in termsof casino revenues, with Macao generating 56% more table win than the Las Vegas Strip and 196%more than Atlantic City, on 450 tables in 2003 (Bowie, 2004), putting Macao in a key position torival both Atlantic City and the Las Vegas strip, and in particularly as more casino properties openin the future.

42
 !"#Journal of Macau Gaming Research Association=====
 Issue 2The government by liberalising the industry has also set in motion this potential for furthertourism redevelopment. The new concession holders, and particularly Wynn Resorts and The Venetianare convinced that the Las Vegas experience and the massive development plans for Macao canhelp transform Macao’s gaming industry (Lopes, 2003), creating a ‘Las Vegas in Asia’. Macaodoes benefit greatly from its monopoly border-location strategy with China (and Hong Kong),having adopted legalised gaming for such a long sustainable period of time. However, tourismdevelopment issues now emerge after casino liberalisation and in how Macao as a tourism destinationwould wish to reposition and be identified to maintain its competitive edge in the long term at whatis a significant milestone in its long gaming history. Such issues gain particular importance giventhat other neighbouring tourism destinations are looking to either legalise or revamp their owngaming industry.Gaming and infrastructure development post-liberalisationIn 2001, the Macao Government passed regulatory framework calling for the opening up ofMacao’s casino industry to international bidding. By tender closed off in the same year, 21 tenderswere received and based on predetermined judgment criteria formulated by the government, termedas ‘Administrative Regulation 26/2001’, awarded the new concessions to three casino companies,namely SJM (Sociedade de Jogos de Macau, a subsidiary of STDM), Wynn S.A. (SociedadeAnónima) and Galaxy S.A. (which included a partnership with The Venetian, Las Vegas which wasto split upon wining the concession to essentially form two competing concessionaires), therebyending Macao’s gaming monopoly. While the government may however have restricted the casinoconcessions to three, each of the three concessionaires may grant sub-concessions and operate asmany casinos and gaming tables as market conditions allow, although each casino, sub-concessionand gaming table must be separately licensed by the government.According to the concession agreements, the three new gaming concessionaires are obligatedto fulfill their projected investment plans totaling approximately US$2.24 billion, with Wynn Resorts,Macau to have a resort hotel and casino opened to the public by December 2006, and Galaxy (withthe sub-concession, The Venetian) to have two resort hotels and casinos opened to the public byJune 2006 (McCartney, in press). With 72 various lodging establishments and a total of 9,375available rooms already in Macao (Statistics and Census Service, Macao, 2004a), the Galaxy WaldoHotel and Casino (opened in 2004) added 100 rooms, with its flagship casino, Galaxy Star WorldHotel to add later further 600 rooms scheduled to open in 2005 (Shun Tak Holdings Limited, 2004).Wynn Resorts, Macau will include 580 rooms in a total area of 65,000 sq. m when opened in 2006,along with SJM’s 1000 additional hotel rooms (in a total area of 10,650 sq. m) projected to open by2005, and a recently signed joint venture with MGM to have a total gaming site of approximately61,000 sq. m (ibid). While The Venetian’s first casino, ‘The Sands’, built on 91,506 sq. m, contains

43
 !"#Journal of Macau Gaming Research Association=====
 Issue 2only 51 room-suites, its anchor property ‘The Venetian, Macau’ will include 1,500 suite rooms(Jones Lang LaSalle Hotels, 2003). The Macao Government has also committed large resources tothe building of various sporting and recreational facilities, investing over US$155 million on newbuildings to initially host the 4th East Asian Games in 2005 (McCartney, 2003a).With tourism arrivals at 11.9 million in 2003, which was already surpassed by the third quarterin 2004 (Statistics and Census, Macao 2004b), these construction and tourism figures are particularlyimpressive when considering Macao’s total limited landmass of 26.8km2 and population of 441,600 inhabitants (ibid). With the unveiling of The Venetian’s plans to develop Macao, a vision of re-creating a Las Vegas strip in Macao (Cotai area) with 20 casinos and 60,000 hotel rooms was putforward (Jones Lang LaSalle Hotels, 2003). Such massive infrastructure development now raisesexternal and internal considerations and challenges on the strategic long-term planning andmanagement of Macao as a tourism destination.Tourism developmentCasinos can form part of tourism product offerings, being bundles or packaged together inbringing an enhanced entertainment and enjoyment experience for the tourist. However it has beenshown that the casino tourist can display different sociodemographic profile than the non-casinotourist in terms of age, income, education levels, marital status and education level (Morrison,Braunlich, Liping & O’Leary, 1996). This therefore indicates the possibility of a tourismsegmentation strategy for casino and non-casino tourists.A rationale behind the opening of Macao’s gaming industry and on choosing the new casinoconcession holders was on widening tourism market segments to one that is not primarily on thegaming tourist which is presently the case, but attractive for tourism markets such as the meetingsand exhibitions industry (McCartney & Kong, 2003). At present, many visitors to Macao are short-trip by nature, or ‘day-trippers’ but as yet little is known on this market segment (i.e. percentage ofrepeat visitors). Average room night stay has remained fairly constant at around 1.2 to 1.3 roomnights for several years, with only 3.04 million of the 11.9 million travellers to Macao in 2003actually staying overnight in a hotel or guest-house (Statistics and Census, Macao 2004a), althoughaverage room occupancies increased in 2004 from 64% in 2003 to 74% mid-2004 (ibid).As commented by Roehl (1996: 61), ‘mere availability, which may have ensured success inthe less-competitive environment of the past, is no longer a sufficient lure. Successful gamingdestinations will be those properties that understand consumer gaming behavior and develop gamingproducts that are both appealing to consumers and profitable.’ Innovation is slowly underway withinthe Macao gaming industry with a greater focus on service, themed casinos, slot parlours (with

44
 !"#Journal of Macau Gaming Research Association=====
 Issue 2coffee shop attached) and restaurant development. However, those non-gaming facilities such asmeeting and exposition space, large entertainment shows and events, and more premium brandshops, reflective on Las Vegas’ success as not being primarily a gaming destination, are allottedmore for the newer developments, and it is with these that can help to further widen and differentiatethe Macao tourism market.Legalising or liberalising - the case for tourism developmentThose factors that influence the need for a destination to liberalise the gaming industry (suchas Macao or the UK) may differ from those destinations considering casinos for the first time, formany being an economic panacea for depleted government coffers or to prevent economic leakageto neighbouring gaming jurisdictions by residents traveling outside to gamble. A common objectivethough for those gaming destinations being influenced to reorganise its gaming industry (appendix1) and those considering to legalise for the first time (appendix 2) is as a drive to revitalise tourism.Macao had several strategic objectives behind casino liberalisation, from developing its gamingsector into a world-class operations to provide for additional economic development and socialstability (Commission for the First Public Tender to Grant Concessions to Operate Casino Gamesof Chance of the Macao SAR, 2001), to an overall enhanced international image and reputationwhereby newer tourism markets and segments could emerge. Destinations in decline and withoutgaming are faced with the choice of a focus on gaming introduction or the development of otherpossible tourism products, which could include concentrating on theme parks, special interest tourism(such as sport and cultural tourism), or the convention and meetings industry. Should casinos bechosen, several important public policy decisions such as to the type of casino industry introducedand how to monitor and regulate the industry would then need to be made.Nevertheless, there is a growing popularity in the gaming industry worldwide with the ‘abilityof the industry to propel a tourism industry from crisis and depression to growth’ (Israeli & Mehrez,2000: 282); such is the scenario facing Asia. The casino liberalisation and legalisation processexpected across Asia will ultimately attract and stimulate further competition from neighbouringjurisdictions, and as suggested by appendix 2, casino proliferation should ultimately occur.However, in order for destinations to maximise casino net economic benefits, the casinos mustcontinue to function as a tourism attraction, patronised by visitors from outside, thereby generatingnew wealth for the jurisdiction (Smith & Hinch, 1996). This is equally apt for destinations such asMacao and emerging regional gaming jurisdictions, a moot issue being to minimise the social andenvironmental impacts of such developments (and discussed below). A consideration though, isthat destinations will only choose casino introduction or development at a certain stage of its tourism

45
 !"#Journal of Macau Gaming Research Association=====
 Issue 2development cycle, and perhaps due to the perceived negative impacts generally associated withcasinos, this may be at a later than introductory stage of the destination life cycle.Casinos and the destination life cycleA tourism destination as suggested by Butler (1980), will go through the stages of involvement,development, consolidation, and stagnation (figure 1). In the Gaming Liberalisation and Non-GamingDestination Development Models (appendices 1 and 2 respectively) this decline can be due to acombination of influencing factors such as competition from a similar destination or neighbouringdestination, safety and security concerns or maintaining an unattractive undifferentiated tourismproduct. However, even as destination stagnation approaches, it has been suggested that the tourismdestination life cycle can be extended or revitalised by planning and implementing strategicdevelopments which can include newer attractions (Beneditto and Bojanic, 1993, cited in Priestleyand Mundet, 1998), such as theme parks, heritage site or convention and exhibition facilities. Macao’sposition along its tourism destination life cycle would warrant further research, although theintroduction of new style casinos through casino liberalisation could be seen as assisting as arejuvenation strategy of the tourism industry. Similarly, such a concept can be applicable for Asiandestinations, which are considering the introduction of legalised casinos to not only reap the economicbenefits, but also as a catalyst in tourism development.Figure 1 Tourist Destination Life Cycle

46
 !"#Journal of Macau Gaming Research Association=====
 Issue 2The tourism life cycle looks essentially at social carrying capacity thresholds, and as suchrequires strategic destination planning and management responses during the various stages inorder to prevent deterioration and stagnation. During stagnation, while tourists may beaccommodated, the social problems and impacts can generate resident opposition to growth anddevelopment (Priestley & Mundet, 1998). With gaming development in particular, social impactscan be more pronounced (such as the emergence of problem gambling).In Macao, visitor arrivals fluctuated from 8.2 million in 1996 to 11.5 million in 2002 (Statisticsand Census Service, Macao 2004b), exceeding the WTO (1995) forecast of 11.2 million visitors toMacao by 2010 (World Tourism Organization, 2000). Tourism arrivals again increased to 11.9million in 2003 (Statistics and Census Service, Macao 2004b), which also saw the opening of thefirst new casino by one of the newly awarded concession holders, The Venetian (‘The Sands Casino,Macao’) followed by The Galaxy Waldo complex, and by the third quarter of 2004 arrivals werealready at 12.2 million. With massive casino and hotel complex development plans underway,indications are that tourism arrivals will continue to rise.Research however suggests that the host community’s inability to cope with accumulatingtourism impacts will lead to a drop in tourists arrivals (Upchurch & Teivane, 2000), with a greaterneed for the destination to monitor the rate and level of maximum development, and to maintain itwithin these limits to reduce impacts on the environment to sustainable levels (Butler 1980, cited inPriestley & Mundet, 1998). Therefore, the challenge will be in minimising the environmental andsocial impacts brought about by such developments.Social impacts and resident attitudesWhile the presence of casinos brings well-pronounced and apparent economic benefits, thereis also a need to remain aware of the social and environmental impacts of such developments,which will ultimately influence resident attitudes. When looking at casino impacts, Long (1996:352) found that ‘all jurisdictions report unanticipated problems, new pressures, the need for constantmonitoring and similar concerns. To build toward long-term success it will be important to monitora community’s ability to handle issues, to focus on the health and integrity of the gambling industryand the value of the experience to the state’s visitors’.Ideally, in order to conduct such research on the perceived social impacts of gaming (or anytourism development) is to do so several years prior to the development and several years thereafter(Perdue, Long & Kang, 1999), yet such long term impact research in Macao is limited to date(McCartney 2003b). Preliminary research has shown that Macao residents generally do not gamblein the local casinos (Vong & McCartney, 2004), although ‘there was an indication that new casino

47
 !"#Journal of Macau Gaming Research Association=====
 Issue 2product and service concepts could fuel gambling participation, thus warranting the need for alongitudinal study to monitor how, in the long run, increased accessibility and improvement incasino product and service concepts could affect resident attitudes toward gambling’ (ibid, 314). Ofgrowing importance will be the need to examine problem gambling trends within the localcommunity, although as yet no formalised public counselling service has been implemented.Resident attitude and tolerance toward this influx of tourists will also be affected by perceivedenvironmental costs. Already one of the most densely populated areas in the world, at 16,000inhabitants per sq. km (Jones Lang LaSalle, 2004) and with the large casino complexes and supportinginfrastructures already underway, issues such as rising noise and water pollution, littering, trafficjams, and natural environment destruction will become important issues. Of particular importanceis heritage and cultural conservation, with a history in Macao dating back over 450 years whenMacao first came under Portuguese administration in the mid 16th Century. With its unique blendof customs and heritage, the issue of conservation assumes further significance in light of theproposed listing pending with UNESCO to designate Macao a World Heritage City (Engelhart,2002), with the protection issue a reason behind the building of the new mega-resorts and complexeson reclaimed land and certain outer parts of Macao. It is with this that apparent conflict seems toappear between the transportable ‘manufactured’ experiences offered by the casino industry and atthe other end of the spectrum the ‘authentic’ experience by those exploring heritage and culture. Asdiscussed by Smith & Hinch (1996: 44) ‘while mountain or coastal scenery may make an attractivebackdrop for casinos, from a purely functional perspective it can be argued that a casino is a builtfacility that is not dependent on any specific natural or cultural resource. Once patrons areparticipating in the games of chance, the backdrop becomes largely irrelevant’.Due to Macao’s historical and cultural background, it has been suggested to use Chinese andPortuguese themed casinos as marketing and promotional spin in order to distinguish itself fromLas Vegas and other gaming destinations (Gu, 2004). However, using the historical backdrop of adestination for tourism development as warned by Teo & Huang (1995) may just be a form of‘museumization’ which construct idealised pasts, more ‘a historic ambience for tourist enjoymentthan for representing a true picture of the past’ (ibid, 594), and therefore may not be an effectivestrategy for heritage conservation. The Macao government authorities have called for thestrengthening of the coordination among the various tourism stakeholders in evolving strategies tohelp ensure the conservation of Macao’s varied past (McCartney & Nadkarni, 2003). ‘That failing,an overemphasis on the development of the gaming sector would result in heritage and conservationissues being relegated to the backburner. Once the proverbial Rubicon is crossed, no amount ofresources allocated by a cash-rich government will arrest the gradual or even rapid fading intooblivion of centuries of culture, thereby leading to an unfortunate paradox wherein the hand thatfed was also the hand that killed’ (ibid).

48
 !"#Journal of Macau Gaming Research Association=====
 Issue 2These impacts will obviously translate into the social exchange between Macao residents andthe increasing tourism arrivals, and the degree to which social carrying capacity thresholds arebeing reached, particular in this milestone in Macao’s casino development. Repeat visitation toMacao by tourists can only be achieved in the long-term by positive word of mouth descriptionsfrom having high quality visitor experience at the destination. Such receptiveness will only beattained by resident’s continued support to the gaming development, and on seeing that there is nolong term negative impacts on their quality of life testified by minimising social and environmentalimpacts, and the conservation of Macao’s unique heritage and cultural background. What is apparentis that as the tourism and gaming industries continue to expand in the coming years, there will be agreater need for Macao casinos to expand beyond taxation contributions and employmentopportunities in their efforts to influence local resident attitudes.DiscussionCasinos are becoming mainstream. In the west, jurisdictions without the gaming industry arevery much the exception, and in Asia the floodgates of governmental investigation, discussion anddebate will only hold for so long. Gaming in Macao has been present since its outset in the mid-17th century and was legalised as a tool for economic stimulus in the 1840s. As such, it has had amuch longer period of social conditioning for local residents and in establishing itself as a leadinggaming destination within Asia. With over a billion people residing within a two-hour flight ofMacao and three fifths of the world within a five-hour flight (Jones Lang LaSalle Hotels, 2003),this represents a large potential tourism source market for Macao (with China its leading tourismmarket), particularly for the new casino developments. However, China has also continued to openits outbound tourism market beyond that of initially Macao and Hong Kong, with such policies asApproved Destination Status (ADS) permitting Chinese residents to travel to a growing number ofselected countries for personal and leisure reasons (Pan & Law, 2004) including several regionaldestinations such as Japan, South Korea, Thailand, Malaysia and Singapore, and therefore a futuretourism development consideration could be on the package of tourism products on offer. Someyears before casino liberalisation, Hobson (1995) reported that having Macao’s tourism industrybased on being the only gambling centre was maybe not a safe bet, and for the future developmentof its tourism industry would need to ‘develop the other attributes it has. Only in this way canMacao realistically achieve a better balance of markets for the long-term development of its tourismindustry’ (ibid 243). Stansfield (1996) also highlights the need for casinos to develop more spectacularand comprehensive entertainment packages using the example of the diffusion of legalised gamingin the USA and the eventual loss of the comparative advantages held by casinos in ‘restricted legallocations’.Gu (2004: 95) mentions that Macao should ‘concentrate on developing high-profitability gaming

49
 !"#Journal of Macau Gaming Research Association=====
 Issue 2and let Hong Kong handle visitors’ needs for non-gaming tourism activities’, purporting that sucha strategy can help in avoiding competition with Hong Kong, and generate more from its gamingindustry. However, such a strategy would not take into account the rationale behind the liberalisationof Macao’s casino industry, nor that this development is within a vibrant social community withrich cultural heritage. Macao has in addition invested large amounts of resources into sport tourismin order to move away from this entrenched image of solely being a gaming destination (McCartney,2004) and will for example host three major multi-sports events in the next three years. Theliberalisation also signalled the wish to create newer tourism segments such as the business andmeeting markets, the challenge being to casino concession holders such as The Venetian, Macau,who plan to build convention facilities, on how to tap a market that is not significant and relativelyuntested at present.The opening of Macao’s casino industry represents a strategic point in its tourism life cycle inorder to expand beyond gaming as the main tourism attraction product. While Macao looks now toaddress its tourism redevelopment challenges, several of its regional neighbours will undoubtedlybe keen to learn the lessons from Macao on market repositioning and on the approach used toeffectively handle the economic and social impacts of gaming development. With the potential ofcasinos now joining other tourism product offerings in destinations in the region, each destinationwill look for competitive advantages to gain part of this gaming tourism pie. The emergence of lowcost airlines in the region, lowering the costs of transportation (and better accessibility), as well asgovernment incentives such as lower gaming taxes (to encourage casino operators to offer more)are examples which could perhaps help to provide the competitive edge.The high costs to enter the casino industry can be seen by casino regulators as a means ofestablishing long-term commitments and thereby ensuring a more stable casino industry (Braunlich,1996). The three winners of Macao’s casino concession (which immediately went to four upon thetenders being awarded) have committed large capital investments and resources to the redevelopmentof Macao’s gaming and tourism industry. Recently SJM and MGM have also secured a joint venture(Ponte Final, 2004), enlarging the number of world-renowned casino operators now developing inMacao.The liberalisation process has presented Macao with a strategic milestone in its tourismdevelopment cycle, with several destination planning and management challenges emerging as aresult. How Macao now repositions itself will have implications on how tourism will develop in thecoming years and the destination image that will be portrayed internationally, requiring equal andequitable collaboration and corporation with all of Macao’s gaming and tourism stakeholders inreaching the initial objectives behind the liberalisation process.

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 Issue 2Referencesdi Benedetto, C. A., & Bojanic, D. C. (1993). Tourism Area Life Cycle, Annals of Tourism Research,20, 557-570.Braunlich, C. G. (1996). Lessons from the Atlantic City Casino Experience, Journal of TravelResearch, 34 (Winter), 1996.Bowie, G. (2004). Wynn Macau Presentation to British Chamber of Commerce, 15 October 2004,Macao.Butler, R. W. (1980). The concept of a tourist area cycle of evolution; implications for managementof resources, Canadian Geographer, 24(1), 5-12.Collins, P. (2003). Gambling and the public interest. Praeger Publishers, Westport, USA.Commission for the First Public Tender to Grant Concession to Operate Casino Games of Chanceof the Macao SAR (2001). Information Memorandum, November 2001.Eadington, W. (1996). The Legalization of Casinos: Policy Objectives, Regulatory Alternatives,and Cost /Benefit Considerations, Journal of Travel Research, 34(Winter), 3-8.Engelhart, R. (2002). The Management of World Heritage Cities. Evolving Concepts: New Strategies.The Conservation of Urban Heritage: Macao Vision, International Conference, September 2002,Cultural Institute of Macao, 26-40.Felsenstein, D., & Freeman, D. (2001). Estimating the impacts of crossborder competition: thecase of gambling in Israel and Egypt, Tourism Management, 22, 511-521.Gu, Z. (2004). Macau Gaming: copying the Las Vegas style or creating a Macau model? AsiaPacific Journal of Tourism Research, 9(1), 89-96.Gunn, G. C. (1996). Encountering Macau. A Portuguese City-State on the Periphery of China,1557-1999. Colorado: Westview Press.Healy, T. (2004). Macau Sets Its Sights On the High Table, Far Eastern Economic Review, March,40-44.Hobson, P. (1995). Macau: gambling on its future? Tourism Management, 16(3), 237-246.Israeli, A. A. & Mehrez, A. (2002). From illegal gambling to legal gaming: casinos in Israel. TourismManagement, 21, 281-291.Jones Lang LaSalle Hotels (2003). Las Vegas Sands, Inc. Parent Company of The Venetian LasVegas Begin Their Development of a Las Vegas-Styled Strip on Cotai, Macao, Special Administrative

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 Issue 2Regions of the People’s Republic of China, News Release, Jones Lang LaSalle Hotels, Singapore,22 July.Jones Lang LaSalle (2004). Macao - You bet! Jones Lang LaSalle IP, Inc., August, 1-16.Long, P. T. (1996). Early impacts of limited stakes casino gambling on rural community life,Tourism Management, 17, 341-353.Lopes, G. (2003). A Journey to Las Vegas, MacaU, Livros do Oriente, Macau, December, 58-62.McCartney, G. (2003a). 4th East Asian Games - Creating a legacy for Macao. Committed To Buildinga Better Future, 28, 4, Institute For Tourism Studies, Macao.McCartney, G. (2003b). The Liberalization of the Casino Industry in Macao: Residents’ Perceptions,Unpublished Diploma in Social Science Research Methods thesis, Inter-University Institute ofMacau.McCartney, G., & Kong, W. H. (2003). Gaming and MICE: Issue of strategic compatibility in thecontext of Macao, Advances in Convention, Exhibition & Research. Convention & Expo Summit2003, The Hong Kong Polytechnic University, Hong Kong, 192-201.McCartney, G., & Nadkarni, S. (2003). Heritage versus Gaming: Odds on winning a piece of thetourist pie, Developing Cultural Tourism, 2nd DeHaan Tourism Management Conference, NottinghamUniversity Business School.McCartney, G. (2004). The Impact of the 50th Macao Grand Prix on Macao’s Destination Image,Tourism: State of the Art II, The Scottish Hotel School, University of Strathclyde, Scotland.McCartney, G. (in press). Casino Gambling in Macao: Through Legalisation to Liberalisation, inC. H. C. Hsu (Ed.), Casino Industry in Asia Pacific: Development, Operation, and Impact. NewYork: Haworth Hospitality Press.Morrison, A. M., Braunlich, C. G., Liping, A. C., & O’Leary, J. T. (1996). A profile of the casinoresort vacationer’, Journal of Travel Research, 35(2), 55-61.Pan, G. W., & Laws, E. (2004). Australia as a preferred destination for Chinese tourists - lessonsand implications for European tourism stakeholders, Tourism: State of the Art II, The ScottishHotel School, University of Strathclyde, Scotland.Perdue, R. R., Long, P. T., & Kang, Y. S. (1995). Boomtown Tourism and Resident Quality of Life:The Marketing of Gaming to Host Community Residents, Journal of Business Research, 44, 165-177.Ponte Final (2004). Macau’s 14 casinos generate monthly record gross revenue of over 4 billionpatacas in July, 30 July.

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 Issue 2Priestley, G., & Mundet, L. (1998). The Post-Stagnation of the Resort Cycle, Annals of TourismResearch, 25(1), 85-111.Przybylski, M., Felsenstein, D., Freeman, D., & Littlepage, L. (1998). Does gambling complementthe tourist industry? Some empirical evidence of import substitution and demand displacement,Tourism Economics, 4(3), 213-231.Roehl, W. S. (1996). Competition, Casino Spending, and Use of Casino Amenities, Journal ofTravel Research, 34(Winter), 57-62.Shun Tak Holdings Limited (2004). Macau Development Presentation to British Chamber ofCommerce, 15 October 2004, Macao.Smith, G. J., & Hinch, T. D. (1996). Canadian Casinos as Tourist Attractions: Chasing the Pot ofGold, Journal of Travel Research, 34(Winter), 37-45Stansfield, C. A. (1998). From East Coast Monopoly to Destination Resort: The Geographic Contextof Atlantic City’s Transformation, Meyer-Arendt. K. J. and Hartmann, R. (eds) Casino Gambling inAmerica: Origins, Trends, and Impacts, Cognizant Communication CorporationStatistics and Census Service, Macao (2004a). Tourism, Monthly Bulletin of Statistics, September2004, 43-46Statistics and Census Service, Macao (2004b). Macao in figures, http://www.dsec.gov.mo/e_index.html , accessed 27th October 2004.Teo, P. & Huang, S. (1995). Tourism and heritage conservation in Singapore, Annals of TourismResearch, 22(3), 589-615.Upchurch, R. S. & Teivane, U. (2000). Resident perceptions of tourism development in Riga,Latvia. Tourism Management, 21, 499-507.Vong, C. K., & McCartney, G. (2004). Gambling attitudes and behavior of Macao residents oneyear after gambling deregulation, Second Asia Pacific CHRIE Conference & The Sixth BiennialConference on Tourism in Asia, Phuket, Thailand.World Tourism Organization (WTO) (2000). Tourism 2020 Vision, East Asia and Pacific, 3, Madrid:Author.
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53
 !"#Journal of Macau Gaming Research Association=====
 Issue 2Appendix 1: Gaming Liberalisation Destination Development Model

54
 !"#Journal of Macau Gaming Research Association=====
 Issue 2Appendix 2: Non-Gaming Destination Development Model

55 !"#Journal of Macau Gaming Research Association===== Issue 2KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK !"#$%&'()*+,-==NK= !"#$OMMQRNU !"#$%&'()*+  !"  !"#$%&'()*+,-./01234$5634*+,789*+,$: !"#$%&'()*+,-./012)*+,34$56 !"#$%"$ !"#$%!"&'()* !"#$%&'%()*+,-./01234 !"#$%&'()*+,-./012"345678-9:;(<=5678 !"#$%&'()"#*+,-./)"#$0123,4.5),-67 !"#$%& OMMR O !"#$ NT=  ! O !"#$%&'()*+,-./01234567%89":;<'=">? !"#$%&'()*+,-./0123*4516789*:0;<=>?@ !"#$%&!'()*+,-./ OMMQ Q !"#$%&'()*+,- !"# !"#$%&'()*+,-./OK= !"# !"#" !"#$%&'(&) !*+,-)./012345+6789):;<= !"#$%&'()*+,-./0'123456789:;"12<=> !PK= !PKN= !"  !"#$%&'()*+#,- !"#$%&'()*+,-./012345'()06789:;<" !"#PKO= !"  !"#

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61 !"#Journal of Macau Gaming Research Association===== Issue 2fffK= !"#$ !"#$%&'()*+,-./0123456789:;<=>?"@ !"#RNM !"#$%&'()*+,-./0'Q  MKMU !"#$%&'()*+,)-. MKNT MKON Q !"#$%&'()*+RK= !"#$%&'()* !"#$%#&'()*+,- !"#$%     !"#$%&'()*+,-./0'1234 !"#$%&'()*+,-./012 !"#$%&'()*+,-!".#/0123456789:;<=#> !"#$%&' QMM !"#$% NIPMM OMMR O  !"# !"#$%&'()*+,-./0 !"#$%&'()*+,-./0123456789:;L !"#$ !"#$%&'()*+,"-./01213"456789: !"#$% !" #$%& !"#$%&'()*+,-.%&'/0123456. !"#$%&'QRSTUVNM !"#$PKQPPKSMPKRPPKQVPKRMPKRMPKQT

62 !"#Journal of Macau Gaming Research Association===== Issue 2 N= !"#$%   !  !"#$% !"#$ !"#$%&'() !"#$%&'() !"#$% !"#$%& !"#$ !"# !"#$! !"#$ !"# =============== !"# !"# !"# !"#$%&'()*+,- !"#$%& !"#$%&'()*+ !"#$%&'()* !"#$%&'() !"# !"#$%&'()*+, ! !"#$%&'() !"NKOKPKQKRKSKTKUKVKNKOKPKQKRKSKTKUKVKNMKNNK                                                                                    

63 !"#Journal of Macau Gaming Research Association===== Issue 2 O= !"#$%NK=== OK=== PK=== ! QK===RK=== SK=== TK=== UK=== VK=== ! NMK= NNK= NOK= NPK= NQK= ! NRK= NSK=NTK= NUK= NVK= !Erstad Margaret (1998). “Mystery shopping programmes and human resource management”,International Journal of Contemporary Hospitality Management 10/1:34-38Mayer, K.J. and Lesley, Johnson (2003). “Cusomter-based Assessment of Casino Atmospherics”,UNLV Gaming Research & Review Journal 7: 21-31.Schlossberg,H. (1991). “There’s no mystery in how to retain customers”, Marketing News, Vol.25No. 3, 10.http://www.asiamarketresearch.com/glossary/mystery-customer.htmhttp://www.Urbino.nethttp://www.statsoft.com/textbook/glosfra.html !"#$%&'())*+,-./0*)1*2

64 !"#Journal of Macau Gaming Research Association===== Issue 2KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK !"#$ !"#$%&'()*+ !"#$%&'()*$%+,(-./$0 ! !"#$%&'()*+,-.&/0123456789:&/; !"#$%&'()*+,-./01234056/789 OMMO QMMOMMRPNIPRM !"#$%&'()*+,-VMM !OIUSU !" !"#$%&'()*+,-./01234"56#$78(9: !;<=> !"#$QQ !"#$ %&ON !"#$%&'()*+,-./ !"#$%&'()"*+,-'()"./0'()"123'()456789 !"#$%&' NRIMMM !"#$ OMMR P O OMMQ !"#$ONIOSQ !"TINMQ !"S QQKOB= !"#$OMMRPPN !"#$%&'()*+,-."/012345678967:;<=>?@3 !"#$%&'()*+,-$./01234&5678$9:;7<=>? !"#$%&'()*+,-./ !"#$%&!'()*!+,-./0'(1234567,589):;3 !"#$%&'()*+,-./0.123456 !73()28!9:;<4 !"#$%&'()*+,-./01 ! !"#$%&'()*+,-./0123,#$%&4567 !89: !"#$%&'()*+,-./0í~ÅíáÅë !"#ëíê~íÉÖó ! !"#$%&'()ÅÜ~åÖÉ=~ÖÉåí !"#$%&'()*+,-./0 !"#$%&'()*&+,-./0123456%&789$:;<=>? !"#$%&'()*+,-.)/0'12("#$%&3()*4,5 !"#$%& '() !"qk^ !"#$%&' !"#$!%&'

65 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$%&'()$%&'*+,) !"#$ !"#$%& !"#$%&' !"#$%&'()*+ !"#$ !"#$%&'()*+%,!-./01234567+a~åáÉäëI=OMMP !"#$%&'()*+,-./#012,-*345(6789$:;< !"#$%ÅçÖåáíáîÉ !~ÑÑÉÅíáîÉF !"#éëóÅÜçãçíçê`ççâÉINVTV !"!#$%&'()*+,-./ #0123456 789:; !"#$%&'()*+,$-./0123/0456/0789:/0e~ää NVVT !"#$%&'()*+,-./012345678+,9:;<=>?@ !"#$%&háêâé~íêáÅâ NVTU !"#$%&'()*+,-./01&234&)*56789:'(;<= !"#$%&'()*+,-. /0123456789#:;78<=>;? !"#$%&'()*+,-&./0_ìÅ~äçI=NVUQ !"#$%&'() !"#$%&'()*+&,-. !"#$%&'()*+,-./ 0)1 !"#$%&'()*+,-./ !"#$%&'()*+,- ./012 !"#$%&'()*+,-./012 !3(456 !~Åíáçå=êÉëÉ~êÅÜ !"#$%éçëáíáîáëí !"#$%&'

66 !"#Journal of Macau Gaming Research Association===== Issue 2E^åÇÉêëçå NVVQéêÅ~ÅíáÅ~ä !"#$%&'()*+,-./012304567 !"# !"é~êíáÅáé~íáîÉ=~åÇ=Åçää~Äçê~íáîÉ !"#$%&'()*+,- !"#$%Éã~åÅáé~íçêó !"#$%&'()*!"&++,-./0123áåíÉêéêÉí~íáîÉ !"#$%&'()*+,-./0#123456 !" !"#$%&'()*+,-cÉêÇáå~åÇNVUU =aìÄçáë=OMMQ  !"# !"#$%&êÉãÉÇá~ä=çê=Ä~ëáÅ=ëâáääë !"#!$%&'()* !áåÇìÅíáçå !"#$%&'()*+,-. !èì~äáÑóáåÖ !"#$%&'()*+",-./01234 !"#$%&ëÉÅçåÇJÅÜ~åÅÉ !"#$%&'()*+,#- !ÅêçëëJíê~áåáåÖ !"#$%"&'()* êÉíê~áåáåÖ !"#$%&'()*+,-./!01.234 !çìíéä~ÅÉãÉåí=íê~áåáåÖ !"#$%&'()%&'*+,-. !"#$%&'() !"#$%&'()&*+,-.(%&/012'3456789:(; !"#$%&'()*ëáííáåÖ=åÉñí=íç=kÉääó !"#$%&'()*+,-aìÄçáë= !"kçï~ÅâNVVN !"#$%&'()*+,#-./01234567 8 !"íê~áåáåÖ=åÉÉÇ !"#$%&'()*+,-./01"23456 !"#$%&íê~áåáåÖ=ï~åí !áãéçêí~åÅÉ !"#$%&'(NOPQ

67 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$%&éêçÑáÅáÉåÅó !"#$%!&'#()*+,-./0123 !"#$%&'()*+ !"#$%&'(')*"+,- !"#$%&'()*+,+-./012345678 !"#$%&'()*+,-./012qk^ !"#$%&'()*+,-. !/0"123456789:;<) `ä~êâNVVO !"#$%&'( )*+,-./0123456+,789: !"#$%&= !"#$%& !"# !"#$%& !"#$%&'()*+ !"#$ !"# !"# !"#$%&'âåçïäÉÇÖÉ=áÖåçê~åÅÉ !"#$%== !"#$%&' !"#$%= !"#$%&'qk^  ! qk^ qê~áåáåÖ=kÉÉÇë=^å~äóëáë !"#$% qê~áåáåÖ=kÉÉÇë^ëëÉëëãÉåí !"#$% !"#jÅ`äÉää~åÇOMMN !"ëìêîÉó~ëëÉëëãÉåí !"#$ !"#$ !"#$%&'()*+,-./ !"#$%&'()*+,-./0123456789+/12:;<=>?@ !"#$%&'()*+,-./0 !"# !"#$%&'( ) !"#$%&'()*+,-.(/012345"#6)789(!:;"# !"#$%&'()*+,-./0123)245./6789:;<#$=>NO

68 !"#Journal of Macau Gaming Research Association===== Issue 2 jçê~åçI=NVTP =kÉïëíêçã=NVTV !"#$%&'(#)*+,-. !"#$%&'()*+,-./0123#,4567809:;<=> ? !" !åÉÉÇ !" #$%&'()*'+,-./('+01( 23 !"#$%&'()*+,-(./012aìêê~I=NVVN !"#$%&'()*+,-./0123 !$456=qk^ !"#$ !"#$%&'()*+,-./0'1$%2qk^ !"#$%&'() !"#$%&'()*+,-./01234567m~ííçå OMMOqk^ !"#$%&'()*+,pãáíÜ NVUS !"#$%&'($%) !"#$%&'()*(+,-./qáãÄÉêëI=NVSR !"#$%&'()*+,-./01234 !56789:;<=>? !"#$%&'()*+,-./0123456-./789:!;<=>./ !"#$ %&'()!"*+,-._êçïåI=OMMO =cêÉÇáå~åÇNVUU qk^ !"#$%&'()*+,-./0123456789:;<=>?@Aqk^ ! !"#$%&'()*+,-./0123456789:1;<=>+?@A !"#$%&'()*+,-./01234562789:;<=>?@A !"#$%&'()*+,-.(/0123456789:;<=$%>?@AB !"#$%&'()*+,-./+012^åÇÉêëçåNVVQ = !"#$ !"#!$%&'()* +,%-.#/01234 56jççêÉ NVTUqk^ !"# $%&'()#*+, !"#$% !"# !"#!$%&'()*+,%&'(m~ííçåI=OMMOqk^ !"# !"#$%&'!" ()*

69 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$%&'("#$)*"+,- !"#$%&'()*+,-.%&'/0123456789:  !"#$%&'()*+,-.#%/0(1 !"#$%&'()*+,-./01#23_êçïåI=OMMOaìêê~NVVN ! qk^ ! !"#$%&'()*+,-. !/01 !"#$%&'()*+,-./ !"#$%&'( )*+,-. )/01 !"#$%&'()*+, !"#$%&'()*+,-. !"#$%&'()*+ !"#$%cÉêÇáå~åÇNVUU !"#$%&'()*&+,-qk^ ! !" ! !"# !"#$%& !" ! ! !" qk^ !qk^ !"#$%&'()&cÉêÇáå~åÇI=NVUU !"#$%&%'! !G_êçïåI=OMMO@=háêâé~íêáÅâI=NVTU]=jÅ`äÉää~åÇI=NVVQB=jççêÉ=NVTUCkÉïëíêçãNVTVA=m~ííçå OMMO{pãáíÜ NVUS !=èìÉëíáçåå~áêÉGI]I=BI=C=AI={NOPQRST

70 !"#Journal of Macau Gaming Research Association===== Issue 2=áåíÉêîáÉïëGI=@I=]I=BI=CI=AI={ !=éÉêÑçêã~åÅÉ=~ééê~áë~äGI=@I=BI=CI={=çÄëÉêî~íáçåëGI=@I=]I=CI=AI={=íÉëíëGI=@I=BI=AI={ !=~ëëÉëëãÉåí=ÅÉåíêÉGIBI=CI={ !=ÑçÅìë=ÖêçìéëGI=]I=AI={ !=ÇçÅìãÉåí=êÉîáÉïëGI={ !"=~Çîáëçêó=ÅçããáííÉÉGI=@I=BI=CI={ !=àçÄ=~å~äóëáë@I=BI={ !=Éñáí=áåíÉêîáÉï@I=B !=éêçÄäÉã=~å~äóëáë@I=A !"#$%&=ëíìÇó=ïÜ~í=çíÜÉê=çêÖ~åáò~íáçåë=~êÉ=ÇçáåÖ@I={`ÜáìNVVV !"qk^ !"#$qk^ !"#$%&'(qk^ !"#$ !"#$%& W= !" #$%&$'() !"#$%&' !"#$%&'( !"qk ̂éÉÇ~ÖçÖáÅ~ä ! !"#$%&'(qk^ !"#$ !"#$%&'()*+,-./0123456789:;./<=!>?@A !"#$%&'()* +,-./0123qk^ !"#$%&'()*+ !"#$%&$'()*+,-./01234'567 !"qk^ !"#$%&'()*+,-.$/0123456789: !"#$%&'()*+,-. /012345)*67j_l !"# !"#$%&'#$()*+,-./0 !"1234567#$89:7; !"#$%&'()*+,-./01 !"#$%&' !"#$%& !"#$

71 !"#Journal of Macau Gaming Research Association===== Issue 2 !"qk^ !"#$%&'()*+, -./0"#%&$123"4 !"#$%&'()*+,-./0123456789:;<=>$ !"#qk ̂~åÇê~ÖçÖáÅ~ä=~ééêç~ÅÜ !"#$%&'()*+,-. !"#$% !"#$%&'()*+,-./0123456!aìêê~NVVNqk^ !"#$%& !"#$%&'()*+,-&. /0%+,-12345$%63  !"#$%&'()*+,-./01*+,-.23,456!789 !"#$% !"#$%&'()*+,-./0120320456789:;<= !"#$%&'()*N !"#$%&'(O !"#$P !"#$%&'()*+,-."/0-.123456789: !"#$= !"#$%&'()*&'(+,-./0123456789:;<= !"#$%&'()*+, !"#$%&$'()*+,- !"#$ !"# !"#$%&'( !"#$%&'(")*+,-.(/01 !"#$%&'()*+,-./01*2 !"#$%&'( )*+,) !"#$%&'()*+,-./0123456789 :;'< !"#$%&'()*+,-. !"#$%&'()*+

72 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$%&'()*+,-./01234 !"#$%&'()*+,-.' !"#$%&'()*+,-. !"#$%&'()*+,-./0123 !"#$%&'()*+),-./01!"#$23'(456789:aìêê~ !`çäèìÜçìåNVTQqk^ !"#$%& !"'()*+,-./01&  !"#$ !"#$%&' !"#$%&'#$()##$* !"#$%&'()*+,-./ !"#$%&%'()*+,&-./0123456&789: !"#$ !"#$%&'()*+,-./012 !"#$%&'()*+,-./01234567*89:;< !"#$ !"#$%&$'()*+,-./0 !" !"#$% !"#$%&'()*+,-./01234512678i~ïêáÉNVTN qk^ !"#$% !"#$%&'()*+,-./0123456712897:1; !"#$%&'()* !"#$%&'()*+,-./0 !"#$%&'()*+,-./0*1234(56789 !"#ÅäìëíÉê=~å~äóëáë !"#$%&'()*+,- !"#$%&'()*+, !" !"#$%&'()*+,- !" !" !" !" !" !" !" ! ! ! ! ! ! !

73 !"#Journal of Macau Gaming Research Association===== Issue 2qk^ !"#jÅ`äÉää~åÇI=OMMN !"#$%&$ !"#$%& !"#$%&'()*+qk^ !"#$% !"#$%&'(")*+ !"#jáÅÜ~ìÇNVTU !"#$%&'()*)+,-./0123)456789 !jççêÉaìííçåNVTU !"#$%&'()*+,-#./0 !" #$ !"#$ !" !"# !"#$% &'$% ()$* $% +,$-./$ !"#$%& '() *+,-. !"# !"#$%!"#&'()#*+,-.#/0,!"#1 !"#$%&'()*+ !"#$% !"#$% !" !"#$%&'()*+, ! !"#$%&'()"*+ !" #$% ! !"#$%& ! !"# ! ! !"#$%&NOPQRSTUVNOPQRST

74 !"#Journal of Macau Gaming Research Association===== Issue 2 !" !"# !"#$% !"#mÉêÑçêã~åÅÉ=Ç~í~lÄëÉêî~íáçåfåíÉêîáÉïë !nìÉëíáçåå~áêÉ !"#$%#&'(qÉëí=xàçÄ=âåçïäÉÇÖÉX=ëâáääëX=~ÅÜáÉîÉãÉåíz !^ííáíìÇÉ=ëìêîÉóë !"#$%&'( `ÜÉÅâäáëí=çê=íê~áåáåÖ=éêçÖêÉëë=ÅÜ~êíë !"o~íáåÖ=ëÅ~äÉë !`êáíáÅ~ä=áåÅáÇÉåíëaá~êáÉë ! !"#$%&'#()*#+,#-./01aÉîáëÉÇ=ëáíì~íáçåëxêçäÉ=éä~óX=Å~ëÉ=ëíìÇóX=íê~áåáåÖ=ëÉëëáçåëX=Ö~ãÉëX=áåJÄ~ëâÉíëz !"aá~ÖåçëíáÅ=ê~íáåÖ !^ëëÉëëãÉåí=ÅÉåíÉêë`ç~ÅÜáåÖ !j_l !"#$qk^ !"#$%&'()*+,-./012,-.345  !"#$ %&'()*+,-kÉïëíêçã NVTV=pãáíÜ NVUS !qk^ !" #$%&'()*+,-./012(34156789:; !"#$ qk^ !èìÉëíáçåå~áêÉ !"#$%&'()*+,-./.012'( !"#$%&'()*+,-./+0123456789:;<=>?@ABC !"#$%&'(&%)*+,UVNOPQRSTUVNMNNNONPNQNR

75 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$%&'()*+,-./*0()1*"2345678 !"#$%&'()*(+,-"./01%23"456"78%98":;jÅ`äÉää~åÇI=NVVQ~kÉïëíêçãNVTV !"#$%&'()*+, -./0 !"# !áåíÉêîáÉï !"#$%&'()*+,-./0!123456 !"#$%&'()*+,+'-./01'234 !"#$%&'()*+ !"#$èì~äáí~íáîÉ  !"#$%&'()*+,-.èì~åíáí~íáîÉ  !"#$%&'()*+,-.%/01 !"#$%&'()* ! !"# !"#$%&'() ! "#$%&'()*+,-./0jÅ`äÉää~åÇI=NVVQ !ÑçÅìë=Öêçìé !"#$%&'()*+,-.$/012345 !" !"#$%&'( !"#qk^ !"#$%&'() U NO !"#$%&'()*+,-./01234506789:;<0=>?@ !"#$%&'(ãçÇÉê~íçê !"#$%&'()*+,-./0123 !"# $%&'()*+,%&-./01234$567 !"#$%&'()*+,-./'01234560789:;<'=>?= !"#$%&'()*+,- !"#$%&äÉ~ÇáåÖ  !"#$%&'()*+,-./0'12 !"#$%&'()*+,-.= !"#$%&'()*

76 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$%&'()*+,-./012+,-.34567!8#$9:;< !"#$% !jÅ`äÉää~åÇI=NVVQÅm~ííçåOMMO !"#$%&'()*+, !"#$%&'() !"#$%&'()*+,-./012345"6789 !"#$%&'()*+,-./0%123456789:;<=>? !"#$%&' !"#$%&'()*+,-./0)1 !"#$%&'()*+,-./0 1 !"#$%&'()*&+,-./012 !"#$%&'()*+,#-./ !"#$%&'()*+,-./012 !"#$%&'()*+,-çÄëÉêî~íáçå !"#$%&'()*+, !"#$%&'() ! !"#$%&'()*+, !"xàçÄ=~å~äóëáëz !"#$%& !"#$%&'()*+$%,-í~ëâë !"#$%&'()#*+ !"#$%&' L !"#$%&'()*+,-./0123(4 !"#$%&'()*+,-./012&3456'789:;<=>56? !"#$%&'()*+,-./0123!(456 !"#$% !"#$%&'()*+,-./01234 !"#$%&''()*+,)-./ !"#$!%&'()*+,-./012.3456 !"#$%&'()*+,-.,/0,1"23,41"23 !"#$%&'()*+,-./0 !"#$!"%&'()!"*+%,-./0$1%2

77 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$%&'()*$+,-./0123,456+,-./0789!: !"#$%&'(jÅ`äÉää~åÇI=NVVQÇ !"#$%&'()*+,-./0 !"#$%&'()*+,-./01234/56kÉïëíêçã=I=NVTV qk^ ! !"#fåëíêìÅíáçå~ä=póëíÉã=aÉëáÖå=fpaaìÄçáë=~åÇ=oçíÜïÉääI=OMMQfpa !" !"#$%&'($%)*+,$%-.(/0 123456789 !"#$%&'()*+,% !"#$%&'()*+,-./012 !"#$%&'(")*+,-./01&234!5 ! !"#$%&'()*+, !"#$%&#'()*+,-./012345$%&  !"#$%&'()*+,-"./0123456 !789: !"# !"#$%&'()*+,-.-/0'1234567846# !"#$%&'()*+,-./0$ !"#$%&'("#$%&)*+,-.%&/)*0' !"#$%&'()*+,-./0123456789 !"#$%& !"#$% !" !"#$% !"#$%&eçäíçå=fff =OMMM !"#$%&'()*+,-./qk^ !"#$%&'()*+, !"# !" !"#$% ! ! ! ! ! ! ! ! !NOP

78 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$ !"#$ !"#$%&'#()*+,-./01234.5678#()*9+, !"#$%&'()*+,%-./01234567&'1289:128;< !"#$%&'()*+,-./ !012345, !"#$%&'()*#+,- !"#$%&'=N !"#$%=O !"=PF= !"#$ !"#$%& ! !"çêÖ~åáò~íáçå~ä=~å~äóëáë !"#$%&'()*+,- !"#$%&'()= !"#$%&' ( !"#$%&!'()*+,-./012'(,34!%&/0567 = !"#$%&' !"#$ !"# !"hp^lpÅÜåÉáÉê NVUUqk^ !"#$%&' ()*+,-./*01234#$%&'qk^ !"#$%&'()*+,-).&/'0%123456789:;< !"#$%#&'()*+,håçïäÉÇÖÉI=pâáääëI=^ÄáäáíáÉëI=~åÇ=líÜÉê=éÉêëçå~äÅÜ~ê~ÅíÉêáëíáÅëI=hp^l qk^ hp^l !"#~Äáäáíó !"#$"%&'(" !"# !~Åíáîáíó=~êÉ~ !"#$%& !"#$% !àçÄ=Ñ~ãáäó !"#$%&'()* !"#$%&âåçïäÉÇÖÉF= !"#$%&'()* !"#$%&'()*+,===================================== !" !"#çíÜÉê=éÉêëçå~ä=ÅÜ~ê~ÅíÉêáëíáÅë !"#$%&'()* !========================================================================================= !"#$ëâáää !"#$%&'()*E !"#$%&'(QR

79 !"#Journal of Macau Gaming Research Association===== Issue 2í~ëâ !"#$%&'()*+,-.pÅÜåÉáÉê= ! !"#$%&'qk^ ! !qk^  !"#qk^  !"#$%&'()qk^ !"#$%&' !"#$%&=mÉêÑçêã~åÅÉ=^å~äóëáë=qê~áåáåÖm^qpäÉÉòÉêI=NVVP !"#$%&'()*+,-./012345678.9%&:;<=>?m̂ q !"#$%& !"# !"# !"# !"#$%&'()* !"#$%&'%()*+,-./012"345678.9:;<=>?* !"#$%&'()*+,-./012$3456'(0789:;<=>4? !"#$%&' !"#$%&'()*+,-./01234#5674#584#39:;< !"#$%&'()*+,-./0123456789:;<=>2?@ABC !"#$%&'()*+,-./01 !234#56789:;<=>?@7 !"#$%&'()*+,-./01!2345 /0!6789:;<= !"#$%"#&'()*+,-$./012345!"#6789:; !"#$%&'(áåÇìëíêó=qk^ !"#$%&'()*+,-./0 !"#$%&' !"#$%&'()*+,-./01 -2345

80 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$%&'()*+,-./0123456 !"#$%&'()*+,-./012345 !"#$%&'()ÄÉåÅÜã~êâáåÖ ! !"#$%&'()*+,-./0123456789 !"#$%&'()*+, !"#$%&'()*+,-./012345-67!"89: !"#$%&'()*+,-./01hççI=OMMQ !"#$%&'()"*+,-(./0123%45!67"89:;<&' !"#$%&'()*+,-./0123456789:+;<=>?+@  !"#$%&!'()*+,-./012'3/45#67'89,:;<=' !"#$%&'()*+,-./01 !".2345 !"#$%&'# !"# !"# !"OMMR = !"#$%&'()*+,= !"#P O !"#$%OMMR !"= != !"#$%&'= !"#P PN ! ^NM^åÇÉêëçåI=dK=ENVVQFK=^=mêç~ÅíáîÉ=jçÇÉä=Ñçê=qê~áåáåÖ=kÉÉÇë=^å~äóëáëK=gçìêå~ä=çÑ=bìêçéÉ~å=fåÇìëíêá~äqê~áåáåÖ=NUWOPJOUK_êçïåI=gK=EOMMOFK=qê~áåáåÖ=kÉÉÇë=^ëëÉëëãÉåíW=^=jìëí=Ñçê=aÉîÉäçéáåÖ=~å=bÑÑÉÅíáîÉ=qê~áåáåÖ=mêçÖê~ãKmìÄäáÅ=mÉêëçååÉä=j~å~ÖÉãÉåí=PNWRSVJRTUK_ìÅ~äçI=gK=mK=ENVUQFK=^å=léÉê~íáçå~ä=^ééêç~ÅÜ=íç=qê~áåáåÖ=kÉÉÇë=^å~äóëáëK=qê~áåáåÖ=~åÇ=aÉîÉäçéãÉåígçìêå~ä=WUMJUQK`ÜáìI=tKX=qÜçãéëçåI=aKX=j~â=tK=jKXiç=hK=iK=ENVVVFK=oÉJíÜáåâáåÖ=íê~áåáåÖ=åÉÉÇë=~å~äóëáë=^=éêçéçëÉÇÑê~ãÉïçêâ=Ñçê=äáíÉê~íìêÉ=êÉîáÉïK=mÉêëçååÉä=oÉîáÉï=OUWTTJVMK`ä~êâI=oK=bK=ENVVOFK=kÉï=qÉÅÜåáèìÉë=Ñçê=bÑÑÉÅíáîÉ=qê~áåáåÖ=j~å~ÖÉãÉåíK=gçìêå~ä=çÑ=bìêçéÉ~åfåÇìëíêá~ä=qê~áåáåÖ=NSWPJSK`çäèìÜçìåI=gK=`K=ENVTQFK=fÇÉåíáÑóáåÖ=íê~áåáåÖ=~åÇ=ÇÉîÉäçéãÉåí=åÉÉÇëK=fåÇìëíêá~ä=C=`çããÉêÅá~äqê~áåáåÖ=SWPRRJPRTK

81 !"#Journal of Macau Gaming Research Association===== Issue 2`ççâÉI=hK=ENVTVFK=^=jçÇÉä=cçê=qÜÉ=fÇÉåíáÑáÅ~íáçå=çÑ=qê~áåáåÖ=kÉÉÇëK=mìÄäáÅ=mÉêëçååÉä=j~å~ÖÉãÉåíWORTJOSNKa~åáÉäëI=pK=EOMMPFK=bãéäçóÉÉ=íê~áåáåÖW==~=ëíê~íÉÖáÅ=~ééêç~ÅÜ=íç=ÄÉííÉê=êÉíìêå=çå=áåîÉëíãÉåíK=gçìêå~äçÑ=_ìëáåÉëë=píê~íÉÖó=OQWPVJQOKaìÄçáëI=aKX=oçíÜïÉääI=tK=EOMMQFK=`çãéÉíÉåÅóJ_~ëÉÇ=çê=~=qê~Çáíáçå~ä=^ééêç~ÅÜ=íç=qê~áåáåÖ\=qa=WQSJRTKaìêê~I=^K=_K=ENVVNFK=^ëëÉëëãÉåí=çÑ=qê~áåáåÖ=kÉÉÇë=ïáíÜáå=íÜÉ=ÅçåíÉñí=çÑ=^Çãáåáëíê~íáîÉ=oÉÑçêã=áågçêÇ~åK=fåíÉêå~íáçå~ä=gçìêå~ä=çÑ=mìÄäáÅ=pÉÅíçê=j~å~ÖÉãÉåí=QWQRJRTKcÉêÇáå~åÇI=_K=ENVUUFK=j~å~ÖÉãÉåí=qê~áåáåÖ=kÉÉÇë=^å~äóëáë=Eqk^FK= fåÇìëíêá~ä=C=`çããÉêÅá~äqê~áåáåÖ=WOTJPNKe~ääI=jK=iKX=k~åá~I=pK=ENVVTFK=qê~áåáåÖ=aÉëáÖå=~åÇ=bî~äì~íáçåW=~å=bñ~ãéäÉ=Ñêçã=~=p~íÉääáíÉ=_~ëÉÇaáëí~åÅÉ=iÉ~êåáåÖ=mêçÖê~ãK=mìÄäáÅ=^Çãáåáëíê~íáçå=nì~êíÉêäó=ONWPTMJPURKeçäíçå=fffI=bK=cKX=_~íÉëI=oK=^KX=k~èìáå=pK=pK=EOMMMFK=i~êÖÉJpÅ~äÉ=mÉêÑçêã~åÅÉJaêáîÉå=qê~áåáåÖ=kÉÉÇë^ëëÉëëãÉåí=^=`~ëÉ=píìÇóK=mìÄäáÅ=mÉêëçååÉä=j~å~ÖÉãÉåí=OVWOQVJOSTKháêâé~íêáÅâI=aK=iK=ENVTTFK=aÉíÉêãáåáåÖ=qê~áåáåÖ=kÉÉÇëW=cçìê=páãéäÉ=~åÇ=bÑÑÉÅíáîÉ=^ééêç~ÜÉëKqê~áåáåÖ=~åÇ=aÉîÉäçéãÉåí=gçìêå~ä=WOOJORKháêâé~íêáÅâI=açå~äÇ=iK=ENVTUFK=aÉíÉêãáåáåÖ=pìéÉêîáëçêó=qê~áåáåÖ=kÉÉÇë=~åÇ=pÉííáåÖ=lÄàÉÅíáîÉëKqê~áåáåÖ=~åÇ=aÉîÉäçéãÉåí=gçìêå~ä=WNSJNVKhççI=iK=`K=EOMMQFK=bãéáêáÅ~ä=`çãé~êáëçå=çÑ=^em=~åÇ=`çåàçáåí=^å~äóëáë=çå=qê~áåáåÖ=^ííêáÄìíÉë=áåíÜÉ=d~ãáåÖ=fåÇìëíêó=áå=j~Å~ì=p^o==^=é~éÉê=éêÉëÉåíÉÇ=~í=ÜÉ=fåíÉêå~íáçå~ä=`çåÑÉêÉåÅÉ=çå=d~ãáåÖfåÇìëíêó=~åÇ=mìÄäáÅ=tÉäÑ~êÉI=_ÉáàáåÖ=~åÇ=j~Å~çI=SJNM=aÉÅÉãÄÉêKi~ïêáÉI=gK=tKX=_çêáåÖÉêI=`K=tK=ENVTNFK=qê~áåáåÖ=kÉÉÇë=^ëëÉëëãÉåí=~åÇ=qê~áåáåÖ=mêçÖê~ã=bî~äì~íáçåKqê~áåáåÖ=~åÇ=aÉîÉäçéãÉåí=gçìêå~ä=WSJVKjÅ`äÉää~åÇI=pK=_K=ENVVQ~FK=qê~áåáåÖ=kÉÉÇë=^ëëÉëëãÉåí=a~í~JÖ~íÜÉêáåÖ=jÉíÜçÇëW=m~êí=NI=pìêîÉónìÉëíáçåå~áêÉëK=gçìêå~ä=çÑ=bìêçéÉ~å=fåÇìëíêá~ä=qê~áåáåÖ=NUWOOJOSKjÅ`äÉää~åÇI=pK=_K=ENVVQÄFK=qê~áåáåÖ=kÉÉÇë=^ëëÉëëãÉåí=Ç~í~JÖ~íÜÉêáåÖ=jÉíÜçÇëW=m~êí=O=J=fåÇáîáÇì~äfåíÉêîáÉïëK=gçìêå~ä=çÑ=bìêçéÉ~å=fåÇìëíêá~ä=qê~áåáåÖ=NUWOTJPNKjÅ`äÉää~åÇI=pK=_K=NVVQÅFK=qê~áåáåÖ=kÉÉÇë=^ëëÉëëãÉåí=Ç~í~JÖ~íÜÉêáåÖ=jÉíÜçÇëW=m~êí=PI=cçÅìë=dêçìéëKgçìêå~ä=çÑ=bìêçéÉ~å=fåÇìëíêá~ä=qê~áåáåÖ=NUWOVJPOKjÅ`äÉää~åÇI=pK=_K=ENVVQÇFK=qê~áåáåÖ=kÉÉÇë=^ëëÉëëãÉåí=a~í~JÖ~íÜÉêáåÖ=jÉíÜçÇëW=m~êí=QI=låJëáíÉlÄëÉêî~íáçåëK=gçìêå~ä=çÑ=bìêçéÉ~å=fåÇìëíêá~ä=qê~áåáåÖ=NUWQJTK

82 !"#Journal of Macau Gaming Research Association===== Issue 2jÅ`äÉää~åÇI=pK=_K=EOMMNFK=qê~áåáåÖ=kÉÉÇë=^ëëÉëëãÉåíW=^å=?léÉåJëóëíÉãë?=^ééäáÅ~íáçåK=gçìêå~ä=çÑbìêçéÉ~å=fåÇìëíêá~ä=qê~áåáåÖ=NTWNOJNTKjáÅÜ~ìÇI=oK=bK=ENVTUFK=qÜÉ=pí~ÑÑ=aÉîÉäçéãÉåí=cìåÅíáçå=J=^ëëÉëëáåÖ=qê~áåáåÖ=kÉÉÇëK=qê~áåáåÖ=~åÇaÉîÉäçéãÉåí=gçìêå~ä=WSOJSPKjççêÉI=jK=iKKX=aìííçåI=mK=ENVTUFK=qê~áåáåÖ=kÉÉÇë=^å~äóëáëW=oÉîáÉï=~åÇ=`êáíáèìÉK=^Å~ÇÉãó=çÑã~å~ÖÉãÉåí=oÉÅîáÉï=WRPOJRQRKjçê~åçI=oK=ENVTPFK=aÉíÉêãáåáåÖ=lêÖ~åáò~íáçå~ä=qê~áåáåÖ=kÉÉÇëK=mÉêëçååÉä=mëóÅÜçäçÖó=OSWQTVJQUTKkÉïëíêçãI= gK=tKX= iáäóèìáëí= gK=jK= ENVTVFK=pÉäÉÅíáåÖ=kÉÉÇë=^å~äóëáë=jÉíÜçÇëK= qê~áåáåÖ= ~åÇaÉîÉäçéãÉåí=gçìêå~ä=WROJRSKkçï~ÅâI=hK=jK=ENVVNFK=^=qêìÉ=qê~áåáåÖ=kÉÉÇë=^å~äóëáëK=qê~áåáåÖ=C=aÉîÉäçéãÉåí=gçìêå~ä=WSVJTPKläáî~ëI=iK= ENVTVFK=fÇÉåíáÑóáåÖ=~åÇ=sÉêáÑóáåÖ=qê~áåáåÖ=kÉÉÇë=qÜêçìÖÜ=mÉêëçå~ä= fåíÉêîáÉïë=~åÇbãéäçóÉÉ=nìÉëíáçåå~áêÉëK=qê~áåáåÖ=~åÇ=aÉîÉäçéãÉåí=gçìêå~ä=WQOKm~ííçåI=aKX=mê~ííI=`K=EOMMOFK=^ëëÉëëáåÖ=íÜÉ=qê~áåáåÖ=kÉÉÇë=çÑ=eáÖÜJmçíÉåíá~ä=j~å~ÖÉêëK=mìÄäáÅmÉêëçååÉä=j~å~ÖÉãÉåí=PNWQSRJQUQKpÅÜåÉáÉêI=`K=bKX=dìíÜêáÉI=gK=mKX=läá~åI=gK=aK=ENVUUFK=^=mê~ÅíáÅ~ä=^ééêç~ÅÜ=íç=`çåÇìÅíáåÖ=~åÇ=rëáåÖíÜÉ=qê~áåáåÖ=kÉÉÇë=^ëëÉëëãÉåíK=mìÄäáÅ=mÉêëçååÉä=j~å~ÖÉãÉåí=NTWNVNJOMRKpäÉÉòÉêI=`K=jK=ENVVPFK=qêáÉÇ=~åÇ=qêìÉ=mÉêÑçêã~åÅÉ=^å~äóëáëK=qê~áåáåÖ=~åÇ=aÉîÉäçéãÉåí=WROJRQKpãáíÜI=_KX=aÉä~Ü~óÉI=_KX=d~íÉëI=mK=ENVUSFK=pçãÉ=lÄÉêî~íáçåë=çå=qk^K=qê~áåáåÖ=~åÇ=aÉîÉäçéãÉåígçìêå~ä=^ìÖìëí=WSPJSUKqÜçêåíçåI=fff=dK=`K=ENVUMFK=mëóÅÜçãÉíêáÅ=mêçéÉêíáÉë=çÑ=pÉäÑJ^ééê~áë~äë=çÑ=gçÄ=mÉêÑçêã~åÅÉK=mÉêëçååÉämëóÅÜçäçÖó=PMWOSPJOTNKqáãÄÉêëI=bK=ENVSRFK=aÉÑáåáåÖ=qê~áåáåÖ=åÉÉÇëK=qê~áåáåÖ=aáêÉÅíçêë=WNTJNVK !"#$%&'()*+,-./01234$%&5+678+91:;<$%&'( !"#$%&'()*+

83 !"#Journal of Macau Gaming Research Association===== Issue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

84 !"#Journal of Macau Gaming Research Association===== Issue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

85 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$%&'()*+,-.#/012 3456789:1;<=>?@ !"#$%&'()*+,-./0123()4567.89:;<=>?,- !áå=ÜçìëÉ=íê~áåáåÖ !"#$%&'()*+,-./0 !"#$%&'()*+,-./0'12345671895:;<*5=> !"#$%&'()*+,-.!/0123456789:;0<=(>?*+ !"#$%&'()*+',-OMMPLOMMQ !"#$%&'()*+,- !"#$%&'()*+,-./0123456789:; !"#$%&'()*+,-./0&12345 !"# !"#$%&'()*+,-./012"%&3#$4567%&89:;< !"#$%&'()*+,-./01234 !"#$%&'()*+,-$"#./01234$56 !)789:;< !"#$%&'()*$%&'+,-./01+23"456  !"#$%&N !"#$%&'()* !"#$%&'()*)+,-./012$%345678956:;<=1 !"#$%&'()*+,-./0123456789:(4;,<=>(* !" !"#$%&'()*+,-./0123456789:;<=>? !"#$%&'()*!+,-./0123456)789:;<=>?3@ !"#$%&'%()*+, QM !"# !"#$%&'( ! ! !"#$%&'()*+,"-./0123+,456'()7896:N

86 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$%&'()*+, ! !"#$%&'()*+,-./ !0 !"#$%&'()%*+,-.%/0%1234%560789: !"#$%&'()%*+#$%,-./%,-012345 !"#$%&'()*+,-./01213456789:;<= !"#$% !&'()*+,&'-./0123456789: !"#$%O !"#$%&'()* !"#$%&'()* &+,-./0123456789:;<=2> !"#$%&'()*+,-./01 23456789:;<=> !"#$%#&'( !"#ON !"#$E !"#$%F====NSMSQPOPOPO !"#POM==== LON  !"#$%&'( !====ORSUM !"#PPS====ON L  UMO

87 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$%&'()*&+,&-./01&23456 !7 !"#$%&'()*+,-.  !"#$%N !"#$%&'()*+,-#$ !"#$%&'  !" !"#$%&'(!)*+,-./ !"#$%&'()*+,-./0123456789:./;<%!=>?# !"#$%&'()*+, !"#$%&'() !"*+,-./' !"# !"#$ !"#$ !"#$%&'()!*+,-./01 !"# !"#$%&'()*+,-./012&345678"#9:;*+ !==== ! ! ! U NMNMNMNOSN !"=QMPOM NON

88 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$%&'()*+,!-./01 !"#$%&'#()* !"#$%&'()*!+,-.%&/01%2O !"#$%& ! !"#$%&'()*+),-./012!34"5&6+7$89:;0< !"#$!"%&'()*+,-./0123456,789:;<=#>?%OMMQR !"#$%&'()*+,,'-./()0NISNR !"#$ !"#$%&'()*+OQ !"#$%&'()*+,-'./012"3 !"#$%&'(%)*+aKfK ëìéÉêîáëçê !"#$%&'()*+,-./0123456ON !"#$%& !"#$%&'()*+,-.$ !"#$%&'()*+,-./01"#23$45)2678/09 !"#$%&'()$*(%"+'(,-.(/01(2345678 !"#$ !"#$%&' !()*+,-. ! !"#$%&'()*+, !"#$%&'()*+,-./0123456789:;<=>?@AB56 !"#$%&'()*+, -"#./0123456 áiÉ~êå=däçÄ~ä !  !"#$%&'#$()*+,!-./0ON !"#$%&'() !" NR !"#$%&'() !"#$%&'()*+,-./01234(05+,6 !"#$%&'()*+,(-./éáíã~å OPNO

89 !"#Journal of Macau Gaming Research Association===== Issue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

90 !"#Journal of Macau Gaming Research Association===== Issue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

91 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$%&'()*+,-.*/01.2 3456789:0;34< !"# !$%&'!()&'*+,-./0123./0454678 !"#$%&$'()*+,-./012/3456)*$789:6);<= !"#$%&'()"#$*+,- ./012 !"#!$%!&'( !"#$%&'()*+,-./0123456&78/9:(;<=>?/9 !"#$%&'()*+,-./012345/6789/:;)<=6>0? !"#$%&'()*+,-$./0123456)789:;<789 !"#$%&'()*+,-./0123456789:";<=>?@AB !"#$%&'()*+,-./0123456789:;<=P ! ! !"#$%&'()*+, !"#$%&'()*+,-./ !"# !"#$%&'() !"#$%&'( )*+,-./0123456789:;;<=>?@5AB !"#$%&'()*+,-./0123405678019:;<=>?@AB !"#$%&'() !*+,-./) !01$*234567)89:;< !"#$%!"&'()*+,-./0*+123456127*+8, 91 !"#$%&'()*+,-./0123456789:;<=9>?@3A' !"#$%&'()*+,-./0123456+789:+,-./'();< !"#$%&'()*+,-./0123145&6789:;<=>#?@A !"#$%&'#()*+,-./012#34!"56789:0;<=>?@ !"#$%&'()*+,-./%01 234567,89: !" !"#$%&'()*+,-./0123456)789:$1;4<=>)?0 !"#$%&'()*+,-./0123456789:;<$%=*>?@A# !"#$%&'()*+,-./0123456789,:;&<= !" !"#$%&'()*+,-.,/012%345'67)89:;<245' !"#$%&'()*+,-./012"3456789:;.<=->?@ !"#$#%&'()*+,-'.!/012345678!9:;<=>?6@ !"#$%&'()*+,-. /01+,2-34%&!567+,2-. !"#$%&'()*+,-./01234"567

92 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$%&'()*+,-./01 2!3'4)56789:1;<= !" #$%&'!()* ! " !"#$%&'()*"+,- !"#$%&'()*+,-./01234,567/089:;< ! !"#$%&'()*+ !"#$%&'()*+",%&-./%&012345"672#$% !"#$%&&'()*+,-./0123456+#.76+89:;< !"#$%&'()*+ !"#$%&'()*+,-./01234567

93 !"#Journal of Macau Gaming Research Association===== Issue 2

94 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$%&'()*+==KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK !"#$%#$&'()%*+,()-./01#$-2/%345678 !"#$%&'()*+) ,-./0*1+)2 3456#78*9  !"#$%& '()*+,-./0123)456)789):;<= !" #$%&'()*&+(,*-(./*,(01%2&34567*89  != !"#$%&'( !"#$%&'()*"+,-./012"345612789:;<12 !"#$%&'()* = !"#$%&'%()*+ !NVVS !" !"#$!"%&!"'(!")*+= !"#$%&'(!)*+ !"#$%!&'()*+ ,-./0123/456%7"89:;<="> !"#$%&'()*+,-./01234156789:;<)=>?2)@ !"#$% !"#$%&'()*+%,-./0123456789:;<=>? @ !"#$%&'()*+#,-./0+#123456 !"# =OMMR=NOQ !"#$%==OMMR N NT !"#$%&'()*+$,-./01 !"#$%&'()*+,- ./012345&6789 :;. !"#$%&'( !"#$%&VMB !"#$%&'()*+,-. /0123/04 !iáå=tÉáI=NVVU ! OMMQ V !"#$ !"#$%&'( !"#$ !"#$%&'()*+,-./01234567#8 !"#$%&'()*+,-./0"12345 !"#$%&'(  !"#$%&'()*+

95 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$%&'() !"# !"#$%&'()*+,-*. !"#$%&'()*+,-./0123*456'(789:;<=>^~ëîÉÇ !"#!$%&'(^~ëîÉÇI=OMMO !"#$%&'()*+, j~ëäçïI=^KeK !"#$%&'()*+%!",-.!",/!", !"#$%!&' !"#$%&j~ëäçïI=^KeKINVRQ !"#$%&' !"#$ %&'() !"#$%&   !"#$%&'( !  !"#$%&'()#$%&*(#$%+',- ==  ! !"# !"# ! !"#$"%&'()&*+,- !"#$%&'()*+,-./012'-34567'89 = !"#$  = !"# ! !"#$%&"' !"#$%&'(& !"#$%& "'(%) '(%*+,-. /"012&34+3567&  !"#$%&'()*$+,-./0123%4560)/789 äÉáëìêÉ !"#$% äáÅÉêÉ !"#$%&"'()*+,-."/)0 ! !"# !"# !"#!$%!&'()*+,-./0 RM !"#$%&'()*+,-./01!2'3456789äÉáëìêÉ=~ë=ÑêÉÉíáãÉ =äÉáëìêÉ=~ë=~=êÉÅêÉ~íáçå~ä=~Åíáîáíó !"====ëí~íÉ=çÑ=ÉñáëíÉåÅÉ ëí~íÉ=çÑ=ãáåÇäÉáëìêÉ=~ë=~å=~ííáíìÇÉ !"#$%&'()*+,-./01234 !"#$%&'( !"#$=Ek~ëÜI=NVRP==é=UVF

96 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$== ! NVRP !"#$%&'()*Ö~ãÉ !"#$%&'()*+,-.!/0 !"#$%&'( )*+,-#./01(23456789:;<=6>?@( !"#$%&'()*+,-./01eìáòáåÖ~I=NVRRF !"#$%&'(o~ÜåÉê !" #$%&'()* !"#$%&'()*+,-./0+1 !"#$%&'()*+,-./!01$234567-89:;<=>?@A !"#$%&'()*+,-./0123456789:+;<=> ! !"#$%&'()*+',-./01234$*5'()6789 !"#$%&'()*+,-./01234$5(67$89:$;<=>? !"#$%&'()*+,-./%01234567489/:;&'<=%>( !"#$%&'()*+,-./ 0(-.#123456789:;<,=>1 !"#$%&'()*+ !"# OMMO !"#$%&'()*+,-./0123456)"7-89:;<=.9

97 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$%&'!()*+,-./ ! " ! " ! " !"#$%&'()*+,#-./012&3456789:;<=>2(?< !"#$%&'()*#+ !"#$ iáå=tÉá=I=NVVS !" !"#$%&'()*+ ,-./0123456789:;<=3#$ >? !" !"#$%&'() !*+,-*+./012345678$9: ;<= !"#$%&'()*+,-./0 !"#$%&'()*+,-./0 !" !"#$%&' !"#$%&'()*+,-ìåÅÉêí~áåíó=Ñ~Åíçê !"#$%&'()*+, -./0123456789:;!"#<=*>? !"#$%&'()*+,-./01(21341,566'789:;<=' !"#$%&'(#&)*+,-.!/#01234+,56789:;< !"#$%&'()*+%',-./01234(56789:201;89< !"#$%&'()'!*+,-&'().!/0$1'().!/02345 !"#$%&'(&)*+,-./#"012/34 !"# !"# !"#$%&'  !"  !"#$%&'()*+,-(. !"#$%&'()*+,-./0123456$789:;< != !"#$%&'()*+,-./01%234"56789:;%<6"=> !"#$%&'()*+,-!./012345,-!67891 !"OMMP !"# !"#$%&'()*+, !"OMMP !"#$%&' !"#$%&'()*+,-./0123456+78*"9:5$,;<=> !"#$%&'"()*'+,-.$"/01234%56789:iáå=tÉáINVVS !"#$%&'()*+,--./012'345+# Ö~ãÉ ! !"#$%&' ! !"#$%&'()*+,-.&"'/012+34"5'/6017+8

98 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$%&'()*  !"#$%&'()*+,-./,01 !"#$%&'()* +,-.!/*0 123456789:; <=  !"#$%&'"($%&!)*+,-./0"12345678!9:; !"# NM OM RM NMMM !"#$%&'()*+,-./012 !"#$ %#&'()*+,& ! ! !"#$%&'( ) !"= ! " !"#$%&'()*+,-'./0-123 !"# !"#$%&'()*+,- !"iáå=tÉáI=NVVS !" !"#$%&'"()*+,- !"# !"# !"# ! !"#$%&'() !"# !"#$%&'()*+ !"#$%&'()*+,-*+./012345NVUM !"#$%^ãÉêáÅ~å=mëóÅÜá~íêáÅ=m~íÜçäçÖáÅ~ä=^ëëçÅá~íáçåI=^mm^  !"#é~íÜçäçÖáÅ~ä=Ö~ãÄäáåÖ !"#$%& !"#$%&'()Çá~Öåçë~ÄäÉ=é~íÜçäçÖáÅ~ä=ãÉåí~ä=ÇáëçêÇÉê !"#$%&'()*+,k~íáçå~ä`çìåÅáä=çå=`çãéìäëáîÉ=d~ãÄäáåÖ !"#$% !"#$%&'()*+,-. !" !"#$%&'(~=éêçÖêÉëëáîÉ=ÄÉÜ~îáçê=ÇáëçêÇÉêI=áå=ïÜáÅÜ=~å=áåÇáîáÇì~äÜ~ë=~=éëóÅÜçäçÖáÅ~ääó=ìåÅçåíêçää~ÄäÉ=éêÉçÅÅìé~íáçå=~åÇ=ìêÖÉ=íç=Ö~ãÄäÉ !"#$%& !"#$%&'()*+,-./0123456789NK= !éêçÄäÉãÖ~ãÄäÉê !"# $%&'()*+,-./01234567819:;OKé~íÜçäçÖáÅ~ä=Ö~ãÄäÉêLÅçãéìäëáîÉ=Ö~ãÄäÉê !"#$%&'()*+,-. ! !"# !"#$%&PK= !"#éêçÄ~ÄäÉ= é~íÜçäçÖáÅ~äÖ~ãÄäÉê !"#$%&'()*+,-./0123456789):;'<=) !"#$%&'()* !"#$%&'()*+,-./0123456-789:;(<=>?@~ÇêÉå~äáåÉ !"#$% !"#$ÉìéÜçêáÅëóåÇêçãÉ !"#$% ! "#$%&'(()*+,-#./012#345$%16789:;1< !"#$%&'()*+,-./*01-234567893:;*<=&(+ !"#$%&' ()*+,-./01234 56,789: ;<=>?(

99 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$%&'()*+, )-./0123456789)0-:;<= !"#$%&'()jóÉêëI=^K=oKI=OMMNF !"#$%&'()*+,-./ !"#$%&'()*+&,-./01!"2345+6789:;<=>2 ! !"#$%&'()*+,-./012+34 567+89:; ! !"#$%&$'()*+,"$-%./01234"5'6*+78"9: !"#$%&'()* +,-%./01234567!,89:;<= >? !"#$#%&'()*+,-.,/012'3456789:;0<=>?píáêäáåÖI=NVVV !"#$%&'()*+,-./01(23!456 78 !"#$%&'()*+,- ! !"#$%&'()*+,-./ !"#$%&'()*+Ü á é é ç Å ~ ã é ì ë  !"#$%&'(åÉìêçíê~åëãáííÉê !"#$%&'()*+,-./0 =Ççé~ãáåÉ  !"#$%&'()*+,-./0'12345678$9%&:;<=>?@äçåÖ=íÉêã=éçíÉåíá~íáçå !"#$%&'()*+,-./012)3456 !"#$%ëÉåëÉ=çÑ=éäÉ~ëìêÉ ! !"#íÜÉ=éçïÉê=çÑ=éäÉ~ëìêÉ hÉääóI=gK=OMMM !"#$%&'()*+,-.-/%01*23456%0789:;<*= !"#$%&N !"#$mçëíJmëóÅÜç~å~äóíáÅ=qÜÉçêó !"#$cêÉìÇ  !"#$%& !"ìåÅçåëÅáçìëåÉëë !"#$%&'()*+, !e~åë=sçå=e~ííáåÖÄÉêÖ !bêåëí=páããÉä !"táäÜÉäã=píÉâÉä !"#$%&'()(*+ã~ëçÅÜáëã !"#$%&'()*+,-. !"#$%çÉÇáé~ä=ÅçåÑäáÅí !"#$%&'()*+,-./0123 !"#$%&'()*!+,$-.-/$0123456789Ñáñ~íáçå !"# ! = !"#$%&'()*+),-./01!234567iÉëáÉìêI=eK=oK=~åÇ=oçëÉåíÜ~äI=oK=gKI=NVVN !"#$%&'!()*+,-%.

100 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$%&éëóÅÜçäçÖáÅ~ä=ëéäáííáåÖ = !"#$%&'()*%&'+ !"#$%&'()*"+,-./012345.6789:);<=%>?) !"#$%&!'(#)*+,-./012!3456(#789!2:;<= !"#$ÉñáëíÉåíá~ä=îçáÇ ^äâçÅâI=NVURO !mÉêëçå~äáíó=qÜÉçêó !"#$%&'()*+,-.*/-01 !"#$%&'()*+,-./0123#'456789:;<=>?@ !"#$ %&'()*+,-./0'12345 67#$ 89:;<=  !"#$%&_ä~ëòÅòóåëâáI=NVVS=_ä~ëòÅòóåëâá=~åÇ=jÅ`çå~ÖÜóI=NVUV !" !"#$%& !"#mçïÉê=qÜÉçêó !"#$%aÉéÉåÇÉåÅó=`çåÑäáÅíqÜÉçêó !"#  ! !"#$%&'()*+,-./ 01 !"#$%&' ()*+,-./0 1234567 829:;*<=>? !"#!$%&'()*)+,-./&0123$45%(67898:1# !"#$%&'()*+,-./0123456789: !"#$% !"#$%&'!()*+!,-."/012345678 !"#$%!&'()*+,-./012!345-6!&'789:;<=! !"#$%&'()*+,-./012()ìåÅçåëÅáçìë=Éãçíáçå~ä=ÅçåÑäáÅí !"#$%&'()*+,-./01203456789:;<=>+?@$AqÜçêëçåI=mçïÉää=~åÇ=eáäíI=NVVQ !"#$%&'()*+ ,-(./0123456789:;<=>?@A !"#$%&'()*+,-./01!2345$67891:;<=>?@' !"#$%&'()$*+,-.P !"!#_ÉÜ~îáçê~ä=mëóÅÜçäçÖáÅ~ä=^ééêç~ÅÜ !"#$%&'() !"#$%&'()*+,#-./01234567+,89#:;/89< !"#$%&'()*+,-./01234&5#$6789:;<=>?@ !"#$%&'()*+ ,-)./0 123 45!"#%6789:;áããÉÇá~íÉ=ÉåîáêçåãÉåí !"j~êâëI=NVVM !"#$%&'()*+,-

101 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$%&m~îäçîá~å= Åä~ëëáÅ= ÅçåÇáíáçåáåÖ !"#$%&'()*pâáååÉêá~å=çéÉê~åí=ÅçåÇáíáçåáåÖ = !"#$%&'()*+",-.#/01$ !"#$%&'()*+,-./0123456738 !"#ÅçãéìäëáîÉLé~íÜçäçÖáÅ~ä=Ö~ãÄäáåÖ !"#$%&'()*+,$%-./012345678 çÅÅ~ëáçå~ä !êÉÖìä~ê !éÉêëáëíÉåí !ÉñÅÉëëáîÉ !"#$%&'( !"# !"#$%&'(#)*+,-./0!1 !"#$%&'()*+,-. !"/0123456789:;!"<=1 !"#$%&'(!)*"+, !"éçáåí=çÑ=ÉñÅÉëëáîÉ !"#$% !"#$%&'()*+,-./01êÉÅêÉ~íáçå~ä=Ö~ãÄäÉêë !"#$%ÉñÅÉëëáîÉ=Ö~ãÄäÉêë !"#$%&'(t~äâÉêI=NVVO !"#$%& !Eê~ÅÉF= !"#!$%&'()*+,-./012345 6789:;,<=>? !"#$%&'() !"# !"#$%&'()*+,-./012 !"#$%&'() !"#Ö~ãÄäáåÖ=ÇáëçêÇÉê=^~ëîÉÇOMMO =  !"#$ !"#~ÇÇáÅíáîÉ=ÇáëçêÇÉêë !ÇáëÉ~ëÉë !"#$ !"#$%&'( !"#~ÇÇáÅíáîÉ=ÄÉÜ~îáçêë !"#$%~ÇÇáÅíáîÉJäáâÉ=éêÉçÅÅìé~íáçå !"#$%~ÇÇáÅíáîÉ=äáÑÉëíóäÉ !"#$%~ééÉíáíÉÄÉÜ~îáçê !"#áãé~áêÉÇ=Åçåíêçä !"#$%&'() !"#$% !"#$%#&'()*+,'-./0123456789:;=~ÅèìáêÉÇÜ~Äáí=é~ííÉêåë !"#$ %&#'()*+,-./01234567895: !"#$%&'()*+,-."/0(12342(567Q !"#$#%`çÖåáíáîÉJ_ÉÜ~îáçê~ä=^ééêç~ÅÜÉë = !"#$%&' !"#$% &'())*+(,-./-01#(23456#$% &'78 !"#$%&'()*+,-./01*0023456789:;<=>?@A !"#$%&'()*+(,-.//0123456(789:;(<=,>0 !"#$%&'()*+,-./0123$4gçÜåëçåI= kçê~= ~åÇ=_çëíçåINVVO !"#ÅÜ~ëáåÖ !"#$%&'()*+,-./0!123 !"#$%&'()*+,-./01%234566789 !   !"#áåíÉêå~ä=Åçåíêçä !" !  !"#ÉñíÉêå~äÅ~ìëÉë !"#$%&'&()

102 !"#Journal of Macau Gaming Research Association===== Issue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

103 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$%& !"# ! !"#$%&'()*+,-./'012345'6#2789:;<2=>VOJVSB !"#êçìäÉííÉPU !"#$%&'()*NLPU !"PR !"#$%&'()*+,-./0$1234%#62%789:;< P !"#$%&'()* N !"#$%&'() PU !" PR ! !"#$%&' ( ONÄä~Åâà~Åâ !Åê~éë !Ä~ÅÅ~ê~í !"ëäçí=ã~ÅÜáåÉë  !"#$âÉåç !"é~á=Öçï=éçâÉê !"#$%&'()*+ !"#$ÄáÖ=ïÜÉÉä=çÑ=ÑçêíìåÉ !"#$%&'()*+,-.)/012345)367859:;<=> !"#$%&'()*+,-./=QJUB= !"#$%&'() VOJVSB  !"#!$%&'()*+,-./0-1$234567 !"# ! ! !"#$%&'()*+,-./01.23()4*+156789:  !"# !"#$%&'()* +,-./01#23456#789: !"#$%&'()*+,$-./0 12345#67789:-.;<=> !"#$%&'()*+,-./0123456789:;!<=&' !"#$%&'()*+,-./012-34567%89:;<).=*>6 !"#$%&'()*+,-!./012$'()*+34!56789:;< ! !"# !"#$% ! !"#$ %&' !"# !"#$%&'()*+,- .-/01223456-/789:;<=>4 !"#$%&'()**+,-./01234567'89:;<=>?@ !"#$%NSMJNUMÖ`~ãéçëJlìíÅ~äíI=OMMM !"#$%&'()*+,- !"#$%&%'()*+,-./0123456 ! !"# ! "#$%&!'()%*+,-./)!-01+-2345!,6' !"#$%&'()*+! !"# $%&%#' !"#$%&'( )*+,-./0123$245-.ÄäáåÇ=äìÅâ

104 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$ëã~êí=äìÅâ !"#$%!&'()*%+,%-./01!2 !"#$%&'$()*+,-./0 !"#$%PM !"#$%&' !"#$%&'()*+,-..//0123+4-$5678$1239- !"#$%&'()*+,-./0123 456789:;<=>?@AB !"#$%&'()*+  !  ! !"#$%&'()*+ !"# !"#$%&'()*"+,-. R !" R !" !R !"#$%&'()%*&+,-./0  !"#$%&iáå=tÉáINVVS !"#$%&'()*eçääçï~ó !"#$ !"#$%&'()*+,-./!012.3!456789:.;<=>eçääçï~óOMMO  ! !"#$% !" !"#$%%& !"#$%&'()*+,-./01234)5#6+789:;<=>+?@# !"#$%&'()*+,-.()*/012345+6789:;+<=>? !"#$ %&' !"#$%&'!()*+ !"# NVTN !"#$%&'()*!+,-!.#$/0123 45678#)9: ;< !"#$%&'(#$)*+%,"#$)-.%/01"234#$%567) !"#$%&'() **+,-./012 #34567 !"#$%&'(%)*+,-./012*3456789:;<.=! !"#$%&'!(&')*+,-./01234%56789:;<

105 !"#Journal of Macau Gaming Research Association===== Issue 2 !"J=EOMMRF !"#$%&'()* !" N  OQ J=EOMMRF= !"#$% N NTEÅÜÉåF= EOMMPF !"# !"EÅÜÉåF= !"#EOMMOF !"#$%& != !"#$%EcêÉìÇF= !=ENVTNF =W= !"#$ !"#$%&'( !"#$%& !"#$EäáF= !"#$EOMMQF !"#$ !"#$%&'EïìF==ENVVSF ! !"#$Aasved, M. (2002). The Psychodynamics and Psychology of Gambling. Carles C. Thomas Publisher,Ltd.Alkock, C. (1985). “Psychiatry and Gambling”. In Caldwell, G., Haig, B., Dickerson, M. andSylvan, L. (Eds.) Gambling in Australia. Sydney: Croon Helm.Blaszczynski, A. P. (1996). “Impulsivity, SOGS Scores, and Impaired Control”. Paper presented atthe 1996 National Conference on Gambling. Illinois State University, Normal, Illinois.Blaszczynski, A. P. and McConaghy, (1989). “Anxiety and / or Depression in the Pathogenesis ofAddictive Gambling”. International Journal of Addictions. 24 (4). 337-350.Brightill, Chales K. (1963). The Challenge of Leisure. New Jersey: Prentice Hall.Bolen, D. W. and Boyd, W. H (1968). Gambling and the Gambler: A Review and PreliminaryFindings. Archive General Psychiatry.Campos-Outcalt, D. (ed) (2000). 20 Common Problems in Preventive Health Care. New York :McGraw-Hill, Health Professions Division.Freud, S. (1954[1897]). Letter no. 79, Dated December 22, 1897. In Bonaparte, M. Freud, A andKris, E (eds.) The Origins of Psychoanalysis: Letters to Wilhelm Fleiss, Drafts and Notes: 1887-1902. New York: Basic Books.Gnädig, P., Honyek, G. and Riley, K. F. (2001). 200 Puzzling Physics Problems. Cambridge, UK;New York : Cambridge University Press.Gros, R. (1996). How to Win At Casino Gambling. Carlton. Books Ltd.Holloway, L.G. (2002). Full-Time Gambler. Global Group Holdings, Ltd.Huizinga, J. (1955). Homo Ludens. Boston: Beacon Press.

106 !"#Journal of Macau Gaming Research Association===== Issue 2Johnson, E. E., Nora, R. M. and Boston, N. (1992). “The Rotter IE Scale as a Predictor of Relapsein a Population of Compulsive Gamblers”. Psychological Reports. 70 (3, Pt. 1), 691-696.Kelly, John. (2000). 21st Century Leisure: Current Issues. Boston : Allyn & Bacon.Lesieur, H. R. and Rosenthal, R. J. (1991). “Pathological Gambling: a Review of the Literature”.Journal of Gambling Studies. 7 (1), 5-39.Lin Wei !(1996). “Behaviors Between Normal and Abnormal: Interviews with SomeGamblers”. Unpublished Report, USQ University.Lin Wei ! (1998). “Some Important Issues in Gambling Industry”. Unpublished Report,USQ University.Marks, I (1990). “Behavioral (non-chemical) Additions”. British Journal of Addition. 85, 1389-1394.Maslow, A. H. (1954). Motivation and Personality. New York: Harper and Row.Messick, B. and Goldblatt, B (1976). The Only Game in Town: An Illustrated History of Gambling.New York: Thomas Y. Croweu Company.Myers, A. R. (ed.) (2001). Medicine. Philadelphia : Lippincott Williams & Wilkins (4th Ed).Nash, J. B. (1953). Philosophy of Recreation and Leisure. Dubuque, Iowa: Willian C. BrownCompany. 89.Reid and Demaris (1963). The Green Felt Jungle. New York: Trident Press.Stirling, John. D. and Hellewell , J. S. E. (1999). Psychopathology. London; New York: Routledge.Kelly, John. (2000). 21st Century Leisure : Current Issues. Boston : Allyn & Bacon.Thorson, J. A., Powell, P. C. and Hilt, M. (1994). “Epidemiology of Gambling and Depression inan Adult Sample”. Psychological Reports. 74 (3).Tuan Vo-Dinh (ed.) (2003). Biomedical Photonics Handbook. Boca Raton, Fla. : CRC Press.Walker, M. B. (1992). The Psychology of Gambling. Oxford: Pergamon Press.Zagare, Frank C. (1984). Game Theory : Concepts and Applications. Beverly Hills : SagePublications.Zuckerman, M. (1991). Psychobiology of Personality. Cambridge: Cambridge University Press.E !"#$%&'()F

107 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$=== !"#$= !"#$%&'( KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK !"#$OMMQ !"#$%&'()*+,-./012345 6*+,/789:;< !"#$%&'()*+,-./012#3456789:;-<='>?( !"#$%&'()*+,-./&01234567879:&;<=> !"#$%&''()*+,-./0123456789:;<=%><=4? !"#$%&'()*+$,-./0123456789$:;<91=$+> !"#$%&'()*+,-./ !"#$%&'()*++,- &%./01234 5678&= ! !"#$%&' !"#$%&'()*+,-()./0123 !"#$%&'()*+,-./0123 !45678$9:;<=$>?  !"#$%&'()*+&!,)-'(./01234567!"#$%89 !"#$%&' ()*+,-. /0123456789:$-;<=&> !"#$ NO !"#$ !"# !"#$%&'()*+,-./0NTOM !"#$%&'(#))* !"#$%&'( ! !"#$%& !"# !"#$%& !"#$% !&'()*+,- !./01( !"#$%&'(  aá~ÖåçëíáÅ=C=pí~íáëíáÅ~ä=jÉåëÅ~ä=fs= !"#$ !"# ! !"#$%&'()*+,-.$%& /)0123& != !"NK

108 !"#Journal of Macau Gaming Research Association===== Issue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

109 !"#Journal of Macau Gaming Research Association===== Issue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

110 !"#Journal of Macau Gaming Research Association===== Issue 2 ! ! !"#$%&'()*+,-./012&3456'(78-9:2;<5= !"#$%&'()*+,-./%0123'4567)829:;<=>?@ !"#$%&'( )*$+,-./0123456789:;<=>)?@A !"#$%&'()*+,-./ !"#íÜÉ=åçêã~ä=éêçÄäÉãÖ~ãÄäÉê !"#$%&'()*+,- !"#$%&'()*+,-./012'()3456789:;)<= !"#$%&&'(()*+,"-./01234= !"#$%&' !"#$%&'()*+,-./01234(5678#$9:;<=> !"#$%&'()*" +,-./012"3456789:;<=> !"#$%&'()*+%,-./0123 !"#$ !"# !"#$%&'()*+,-./0123().456789:,;./ !"#$%&'()*+!,-./012345!6789:;<(= !"#$%&'íÜÉ=éëóÅÜçäçÖáÅ~ääó=îìäåÉê~ÄäÉ=Ö~ãÄäÉê = !"#$ !"#$%&&'()*+,-./012$3456789:;<=> !"#$%&'()'*+,-./0123= !"#$%&'() !"#$%&'()*+,-./012345678+'(9:;,-< !"#$%&'()*+,-.= !"#$%&'()*+,-./ !"#$%&'()*+,= !"#$%&'()*+,-./0 !íÜÉ=áããéìäëáîÉ=Ö~ãÄäÉê !"#$%&'()*+,-./01 !"#$%&'()*+,-.!/0123456789:;<(=;! !"#$%&'()*+,-./0123456789:;<=>?@A. !"#$%&'() *+,-./0123!4 56789:;<=> !"#$%&'()*+,-./0123456789:;&<2&()GGG

111 !"#Journal of Macau Gaming Research Association===== Issue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

112 !"#Journal of Macau Gaming Research Association===== Issue 2 ! !"#$%&'()*+,- ./01234&'() 56782=  !"#$%&'()*+,-./01234567*8(9:;<=>?@A !" !"#$%&'()*+,-. !" !"#$%&'()(* !"#$%&'()*+,-./012+"'3456# !"# !"#$%&'()*+,-./0123456789:;?@AB !"#$%&'()*+,-./012345673893:;<='>(?@ !"#$%&$'()*+, !"#$%& '()*+,-./01"2345 6789:+;<=>? !"#$%&'()*+,-./'0123456789:;&<=>?!@A ! ! !"# !"#$%&'()*+,-./01234#$56789:;<=>?@A !"#$"%&'()*+,-.,/012345678945:&;<=>GGG

113 !"#Journal of Macau Gaming Research Association===== Issue 2 !"#$%&'()*+,-./0123456.72 !89:;<=>  ! !"#$%&'()*%+,-./0123456789:;<=>)?@A !"#$%&'()*+,-./01213456789:;<=7*12/0 !"#$%&'()*+,-./012345678= !"#$!"%&' !"#$%&'()*+ ,-./012345678# ONIMMMIMMM NRMIMMMIMMM !"#$%&'()*+,OQIMMMIMMM !"#$%&'()*NPIMMMIMMM !"#$%&'()*+,-./0 OOIMMMIMMM  !"#$%&'()*+,-./01233456789:;<"#$% !"#$%&'()OISNM !"#$%&'OPM !"#$%&'()PSM !"#$%&'()*+,-./0123456789:;<=TMM !"# !"#$%&'()*+,- ./01#$23 OISOR !"#$%&'NVVU !"#$%&'()*+,-./01234!567 NVIVRMIMMM  !"#$%&'()*+,-./01234"56-7$89:;<=>?@ !"#$%&'()*+ ,-./0123'45/678== !"#$%& !"#$%&'()*+,-./-0123456789 !"#$%&'())*+"#,-()(./0/12