Macau’s government may be winning at the tables, but scholars and economists are warning that the city's future shouldn’t be left to chance. With over 76% of government income still dependent on casino taxes, voices like that of Dr. Qizhou Luo have grown louder, pushing for structural reform and a serious diversification of the economy.
In the first quarter of 2025, Macau recorded a gross gaming revenue (GGR) of MOP 57.66 billion, equivalent to about USD 7.2 billion. While that’s a slight 0.6% year-over-year increase, it remains below the government’s target of MOP 20 billion per month, showing signs that the city’s recovery has plateaued. Meanwhile, other Asian markets like the Philippines and Thailand are rapidly increasing pressure on Macau’s regional dominance, with Japan expected to open its first major IR in 2026.
To respond, operators have started modest reinvestment efforts in non-gaming sectors. In May alone, nearly MOP 364 million (around USD 45 million) was directed toward attractions like museums, shopping arcades, and entertainment complexes, a requirement aligned with the city’s new 2% non-gaming reinvestment guideline. But many insiders see this as insufficient.
Dr. Luo argues that the current reliance on VIP rooms and traditional slot floors is no longer a sustainable model. Instead, Macau must become a true entertainment hub, one that appeals to families, global tourists, and culture-seekers—not just high-rollers. With mass-market gaming growing by 12% and premium mass by 18%, there is evidence that customer preferences are already shifting.
The question is whether the city can evolve quickly enough. As neighboring countries accelerate their gaming frameworks and as regulators across Asia demand cleaner, more responsible ecosystems, Macau must decide: keep spinning the wheel, or place a bigger bet on reinvention.
