As Macau celebrates its 25th anniversary under Chinese rule, its heavy reliance on the casino industry is raising concerns. While gaming revenue is recovering post-pandemic, many businesses outside the casino sector are struggling. Residents like fashion boutique owner Suzanne Leong fear that unless Macau diversifies its economy, it risks becoming vulnerable to future economic downturns.
This photo taken on December 12, 2024 shows a visitor walking by a pawnshop next to Casino Lisboa in Macau . As Macau this week celebrates 25 years under Beijing rule, many feel more urgently than ever that the city needs to diversify its economy — which Beijing had demanded for years to underwhelming results. — AFP pic. As a first-time user .
Exclusively for Malay Mail readers: Use codeMACAU, Dec 17 — In the shadow of the Grand Lisboa, the Macau casino world-famous for its “golden lotus” design, fashion boutique owner Suzanne Leong wonders if the economic miracle that initially made her fortune has now cast her aside. The Chinese casino hub once again tops the world in gaming revenue in 2024 as visitors return after the Covid-19 pandemic, but residents like Leong point to a huge disparity in which parts of the economy are bouncing back. As Macau celebrates 25 years under Beijing rule this week, many feel more urgently than ever that the city needs to diversify its economy — something Beijing has demanded for years to underwhelming results. “To truly make Macau a place that does not run on casinos, it’s not easy to find a way. But if we don’t try now, there will only be fewer (options),” Leong, 51, told AFP.Born and raised in the former Portuguese colony, Leong belongs to a population that became China’s richest from two decades of wealth spilling out of casinos. But shifting consumer habits among locals and tourists have led her to believe those days are gone for good. Leong’s regulars are tightening purse strings while Chinese tourists are now more likely to eat from lunchboxes outside her shop instead of coming in to spend.“Macau may look prosperous, but many restaurants and retailers are suffering,” she said. “Nobody knows what to do.”Macau’s gaming boom began in 2002 when authorities ended the monopoly of late tycoon Stanley Ho and brought in multinational casino operators known as concessionaire
ECONOMY MACAU ECONOMY CASINO DIVERSIFICATION GAMING
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