 By 1997, Hong Kong, Taiwan, and South Korea joined Japan as developed economies in East Asia, while Singapore became the sole developed economy in Southeast Asia.Additionally, the economy of Macau, then a Portuguese colony, was also experiencing rapid growth during this period through textile manufacturing and the development of a hospitality and tourism industry, which resulted in high levels of foreign direct investment into the territory.Macau replaced Las Vegas as the world's largest gambling center in 2007.