Macau’s non-gaming expansion is broadening the visitor experience but has yet to reduce the economy’s dependence on casino revenue, according to a new academic study that examines the city’s development since gaming liberalisation in 2002.
Published in the first 2026 edition of Global Gaming & Tourism Research, as cited by Asia Gaming Brief, the study argues that entertainment, hotels, retail, restaurants, conventions, and cultural attractions have improved Macau’s integrated resort model instead of taking the place of gaming as its main economic driver.
Researchers Zhong Yun and Hu Zhouqin of Jinan University found that the opening of Macau’s concession market in 2002 accelerated the development of integrated resorts and expanded the tourism value chain beyond casino floors. However, they concluded that non-gaming facilities continue to function largely as complementary assets that support casino operations, increase visitor spending and extend length of stay.
Non-gaming attractions support integrated resorts
The study highlights how Macau’s gaming operators have expanded into sectors including meetings, incentives, conferences and exhibitions (MICE), entertainment, sports, culture, gastronomy, wellness and international tourism promotion.
While these investments have diversified Macau’s tourism offering, the researchers argue that many projects remain economically linked to casino activity.
According to the study, non-gaming attractions help drive hotel occupancy, increase visitation and improve customer retention, particularly among premium mass-market visitors. As a result, their value often lies in strengthening the broader integrated resort ecosystem rather than generating standalone revenue streams.
The findings come as Macau’s six gaming concessionaires continue to deliver non-gaming investment commitments under their current 10-year concession agreements.
Gaming captures most tourism growth
Recent government data appears to support the study’s conclusions. According to Macau’s Tourism Satellite Account for 2024, total tourism receipts increased 13.3 per cent year-on-year to MOP293.82 billion ($36.4 billion).
Gaming tourism receipts rose 22.7 per cent to MOP179.84 billion ($22.3 billion), while non-gaming tourism receipts increased only 1.1 per cent to MOP113.99 billion ($14.1 billion). As a result, gaming’s share of tourism receipts increased from 56.5 per cent in 2023 to 61.2 per cent in 2024.
The gap was even clearer in tourism direct gross value added, which measures the economic value created after intermediate costs are removed. Gaming made up 81.6 per cent of tourism direct gross value added in 2024, compared to 78.5 per cent the previous year.
Gaming value added increased by 22.7 per cent year-on-year. In contrast, non-gaming tourism industries only grew by 0.7 per cent. These figures show that gaming took most of the extra value created during Macau’s tourism recovery, despite ongoing investment in non-gaming sectors.
Visitor diversification continues despite gaming dominance
The researchers observed that Macau’s tourism appeal is changing. It’s moving beyond just casinos. Major concerts, sporting events, cultural sites, and heritage tourism are taking on more importance. This shift is gradually lessening the focus on gaming as the main part of the visitor experience.
Recent initiatives by operators reflect this strategy. Galaxy Entertainment Group continues to expand entertainment offerings through Galaxy Arena. At the same time, operators including Sands China, MGM China, Melco Resorts, Wynn Macau and SJM Holdings have increased investment in events, exhibitions, arts, culture and destination marketing.
The shift is also occurring against a backdrop of changing visitor behaviour. Macau welcomed 20.94 million visitors during the first half of 2026, an increase of 9 per cent year-on-year, although growth was largely driven by same-day visitors rather than overnight guests.
Industry executives say Macau’s limited hotel capacity is holding back growth in overnight tourism, increasing the importance of non-gaming attractions in encouraging visitors to stay longer and spend more.
Revenue diversification remains the key challenge
Macau’s six concessionaires originally committed MOP108.7 billion ($13.5 billion) towards non-gaming projects and overseas market development during the 2023–2032 concession period. Following the recovery in gross gaming revenue, those commitments increased by 20 per cent after Macau’s annual GGR exceeded MOP180 billion ($22.3 billion) in 2023, bringing total non-gaming investment obligations to approximately MOP130.4 billion ($16.2 billion).
The study argues that Macau’s long-standing reliance on gaming has created what it describes as “deep path dependence” across government finances, employment and the wider business ecosystem. Recent figures underline that dependence. Macau collected MOP51.19 billion ($6.3 billion) in gaming taxes during the first half of 2026, with gaming taxes accounting for approximately 86 per cent of total government revenue.
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