Macau's casinos rebound as Beijing's crackdown reshapes gambling industry

A decade of crackdowns transformed Macau's economy—now casinos bet on tourists, not high-rollers. Will Beijing's next move derail the comeback?

, and Administrator

2026 March 30 . 8:19 PM

1 min read

The image shows the flag of Macau, which is composed of three horizontal stripes of green, yellow,... — The image shows the flag of Macau, which is composed of three horizontal stripes of green, yellow, and red, with a logo in the center.

Macau's casinos rebound as Beijing's crackdown reshapes gambling industry

China's long-running anti-corruption campaign has reshaped Macau's casino industry. Launched over two years ago, the crackdown initially targeted junket operators and high-rollers, causing a sharp decline in VIP gambling. Now, signs of recovery are emerging—but the sector remains vulnerable to Beijing's policies. The campaign began in 2014, focusing on Macau's casino junket operators. Executives and employees were arrested, scaring off wealthy gamblers who once dominated the city's revenue. By 2025, the VIP market's share of gross gaming revenue had plummeted from around 80% in 2013 to just 25-30%, while mass-market tourism now accounts for 70-75%.

Casinos have adapted by shifting focus away from high-rollers. Macau reinvented itself as a destination for middle-class tourists, helping the economy recover. Revenues have risen for nine straight months, and Melco International's CEO, Lawrence Ho, predicts the industry will return to its 2013 peak by 2022. Yet risks remain. Face recognition technology on ATMs signals ongoing concerns about money laundering and capital flight. Analysts at Sanford C. Bernstein warn that Macau's economy still depends heavily on decisions made by Chinese authorities. President Xi Jinping's campaign may not be over, with potential future targets including casinos themselves.

Macau's gaming industry shows signs of revival after years of decline. The shift toward mass tourism has stabilised revenues, but the threat of further crackdowns looms. For now, the city's economic future hinges on balancing growth with compliance under Beijing's watchful eye.