Few tourism destinations are transforming at the same speed as Macau. A once sleepy, sleazy and largely ignored Portuguese colony, it was handed back to China in 1999 to be ruled as a Special Administrative Region (like Hong Kong) - and subsequently moved into a high developmental gear.

The post-handover catalyst was the ending of local tycoon Stanley's Ho's 40-year monopoly on Macau's pivotal casino industry. New concessions were awarded to Las Vegas kingpins Steve Wynn and Sheldon Adelson, injecting new dynamism into Macau's tourism profile. Its 25 casinos are now operated by four companies; Stanley Ho's Sociedade de Jogos de Macau (18), Galaxy (5) and Wynn and Venetian (one each). Two other operators, MGM Grand and Melco PBL, are building new casinos.

The speed of development is breathtaking. In 2006, Macau's neon-fuelled, casino-driven economy overtook Hong Kong in GDP growth for the first time, and attracted almost 22 million tourists (12 million of whom came from mainland China). Gross 2006 gaming receipts topped US$6.9 billion, outpacing even Las Vegas.

But there's more to Macau than opulent gambling palaces. Its historic centre became China's 31st UNESCO World Cultural Heritage site in 2005. The sloping cobbled streets are redolent of Porto, and street signs are inked onto white tiled azulejos. Even Macau's currency, the pataca, more closely resembles the old escudo than the yuan. In addition, there are hill-top forts, cathedral ruins, Buddhist temples, a grand neo-classical post office and several atmospheric Portuguese cafes and Cantonese restaurants.

New Macau is still under construction, and land reclamation has doubled its territory, conjoining it with the islands of Coloane and Taipa. The resulting Cotai Strip will be a new hotel, entertainment and gaming centre from 2009, with up to 60,000 hotel rooms by names such as Hard Rock, Grand Hyatt, St Regis, Four Seasons, Shangri-La and Raffles. Richard Branson is planning to make his first foray into the casino market here. As Steve Wynn, President and CEO of Wynn Resorts recently remarked, ‘Macau is the safest bet on earth.'