Good Morning. A one-trick pony. Nobody has doubted since the liberalization of Macau’s gaming industry that it would dominate the city’s economy. But a new study shows just how much each operator is investing in non-gaming diversification attempts and how reliant the city is on their revenue and employment. Still in Macau, concentration intensified in the last quarter of 2025, with larger operators continuing to expand their dominance. And in Australia, The Star is moving ahead with plans to eliminate its corporate office, pushing accountability to individual properties and cutting jobs.
What you need to know
- Macau gaming firms grow non-gaming revenue, but public finances/jobs are heavily dependent on casinos despite diversification efforts: study.
- The Star to proceed with the closure of its corporate office, cutting jobs and decentralizing responsibilities to each property.
- Macau gaming concentration intensified in 4Q25, top operators expanded GGR share as satellite exits/structural shifts favored large resorts.
On the radar
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- Light & Wonder to pay Aristocrat $127.5M over Dragon Train litigation.
- PH Pres. Palace dismisses Marcos Jr. impeachment attempt claims.
- SK Minister: institutions (including Kangwon Land) must prove their worth.
AGB Intelligence
MACAU
Study highlights operators’ unequal non-gaming investment
The dominant role of the gaming industry in Macau’s economy is unquestionable. But a new study shows just how far gaming operators are going to diversify the city’s economy, and how much each one of them has spent so far in order to do so. Operators with a larger footprint are spending more, but also face a larger role in the city’s economic prowess, being pillars of government revenue as well as employment.
Industry Updates
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