The Macao Special Administrative Region, commonly known as Macao or Macao is one of the two special administrative regions (SARs) of the People's Republic of China (PRC), along with Hong Kong. Portuguese traders settled in Macao in the 16th century. Most of the foreign merchants in Macao left for Hong Kong after the Opium War in 1841. Business and economic activities in Macao declined. Administered by Portugal until 1999, it was the oldest European colony in China. Administrative power over Macao was transferred to China in 1999. Nowadays Macao has developed industries such as textiles, electronics and toys, as well as building up a significant tourist industry with a wide choice of hotels, resorts, stadiums, restaurants and casinos. As in the past, Macao's economy is closely linked to that of Hong Kong and the Pearl River Delta region in Mainland China, which qualifies as one of the East Asian Tigers. With relatively good foundation and infrastructure, Macao provides good financial and banking services, staff training, transport and communications support. The mixing of Chinese and Portuguese cultures and religious traditions for more than 4 centuries has left Macao with a very inimitable collection of holidays, festivals and events. The biggest tournament of the year is the Macao Formula Three Grand Prix in November, when the main streets in the Peninsula of Macao become a racetrack. Many Formula One drivers won here earlier in their careers; among them, Ayrton Senna, Michael Schumacher, David Coulthard and Takuma Sato before taking part in Monaco Grand Prix. For other important yearly events, it includes the Macao Arts festival in March, the International Fireworks Display Contest in September, the International Music festival in October and/or November, and the Macao International Marathon in December.