This year is the 10th anniversary of Macau's handover to Chinese sovereignty. And an election is held on July 26th for a new Chief Executive. Edmund Ho has served two terms and must now pass the baton. At year's end, there'll be an election for the legislature. In view of these major events, The Pearl Report will produce a 2-part special on the former Portuguese enclave. In 10 years, Macau has been transformed from a small gaming town to "Asia's Las Vegas". When Macau opened up its gambling monopoly in 2002, a number of international operators rushed in with huge stakes, reclaiming land, building glamorous gaming palaces, five-star hotels and tourist facilities to rival Las Vegas in scope and capacity. Hordes of mainlanders flocked in, and the benefits rippled to grace the restaurant, tourist and retail sectors. But its ascendance was cut short by the financial tsunami. Major projects have been curtailed, making many construction workers redundant. The once booming casinos are slipping into the red and forced to sack staff. The central government wants Macau to diversify, with moves such as building an international holiday resort on the island of Hengqin. What does the future hold?