2 Although casinos seem to bring [22] economic advantages, their track
record has been mixed. To find an obvious example, we simply need to look at
Macau. Since the liberalization of casino licensing in 2002, revenues in Macau
reached over $45 billion in 2013 before crashing over political worries. Today,
even after a 10% recovery, they remain around $33 billion. Similarly, the annual
revenues of casino gambling in Singapore peaked at $4 billion in 2013; a considerable
sum, but less than 1.3% of GDP. [23]