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The Closer Economic Partnership Arrangement formalised a policy of free commerce between Macau and mainland China, with each jurisdiction pledging to remove remaining obstacles to commerce and cross-boundary funding. Casino gambling was legalised in 1962 and the gaming trade initially operated beneath a government-licensed monopoly granted to the Sociedade de Turismo e Diversões de Macau. This licence was renegotiated and renewed several instances before ending in 2002 after forty years. The government then allowed open bidding for casino licences to attract foreign buyers.
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