Macau, China, July 3, 2026 (Lusa) - Two Chinese academics, based on a study they conducted, have highlighted that Macau’s reliance on gambling has brought considerable economic gains to the territory and offers opportunities to enhance the financial stability of both the city and mainland China.
Researchers Zhong Yun and Hu Zhouqin, from the Institute of Economics at Jinan University, have tracked the sector’s development from the opening of the concessions in 2002 to the present day, assessing its role in the government’s strategy of “appropriate economic diversification”.
The study, published in the academic journal 'Studies in Global Gaming and Tourism' by the Macau Polytechnic University, concludes that, whilst gambling and tourism have played a decisive role in economic growth, fiscal revenue and urban development, they have also created opportunities to strengthen national financial security, particularly through cross-border capital flows.
According to the report, the industry has been a driver of growth in Macau since 2002, boosting visitor numbers and supporting the expansion of hotels, restaurants, retail, and tourism services.
Gross gambling revenue rose from around 23.5 billion patacas (€2.7 billion) in 2002 to 361.8 billion patacas (€41.6 billion) in 2013, with the value added from gambling accounting for between 45% and 60% of GDP for many years.
Between 2010 and 2019, gambling taxes accounted for 70%-80% of public revenue, reaching 88.12 billion patacas (€10.1 billion) on 1 December 2024.
Employment in the sector rose from around 23,500 workers in 2002 to 82,900 in 2025, with the total labour force increasing from 204,000 to 388,000.
However, the study notes that the “overwhelming dominance of a single industry” presents an opportunity to strengthen economic resilience.
The researchers pointed out that the hospitality sector increased its share of GDP from 1.6% in 2003 to 5.9% in 2024, but non-gambling infrastructure primarily serves as a complement to the core casino business.
The pandemic highlighted this opportunity: GDP fell from 444.1 billion patacas (€51.0 billion) in 2019 to 202.0 billion (€23.2 billion) in 2020.
“A deep dependence has developed in terms of tax revenue, the labour market and the industrial ecosystem,” the authors stated.
In 2025, casino workers earned average wages of 28,020 patacas (€3,200), which was above the median, thereby encouraging them to remain in the sector.
According to the document, this labour market structure presents an opportunity to address talent allocation and support the development of emerging industries such as technology, finance and healthcare.
More critically, the researchers noted that reducing dependence on gambling can strengthen China’s financial security, given that the cash-intensive nature of gambling activities can be “exploited for money laundering”, as mainland residents resort to “underground banks and illegal channels to transfer funds” to circumvent foreign exchange controls.
At the same time, the academics noted that companies and managers can safeguard industrial chains and social systems by avoiding losses from gambling.
The study emphasised that Macau relies heavily on visitors from mainland China, who account for over 70% of tourists, thereby linking the territory’s economic stability to mainland policies and conditions.
The six casino operators are now under pressure to expand non-gambling offerings as part of the government’s “1+4” strategy, which promotes healthcare, technology, conventions and finance.
The study acknowledges that Macau’s appeal to tourists is diversifying to include cultural heritage, international events, sport and leisure, but warns that “gambling will remain the main source of revenue in the short and medium term”.
NCM/ADB // ADB.
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