澳門博彩業的收入結構、經營風險與應對策略——與拉斯維加斯大道的比較研究

Based on a comparison of the revenue structures of Macao and the Las Vegas Strip from 2008 to 2023, the article finds that Macao’s gaming industry exhibits a highly concentrated revenue base, rapid income growth, greater volatility, a relatively stable labour market, and lower stability in per‑capita output. By contrast, the Las Vegas Strip demonstrates a more balanced revenue structure, relatively stable income growth, lower volatility, a more flexible labour market, and greater stability in per‑capita output. Prior to the pandemic, Macao’s overall output rate exceeded that of the Las Vegas Strip. However, in the post‑pandemic period, the combined effects of declining VIP baccarat revenues, excessive concentration in the origins of inbound visitors, Macao’s cost disadvantages, intensified competition from neighbouring jurisdictions, and the growing impact of online gaming have significantly weakened the resilience of Macao’s gaming industry to external economic shocks. Consequently, its capacity for sustainable development has diminished, leading to the loss of its position as the world’s largest gaming centre to Las Vegas. To address Macao’s relatively weak integrated operational capacity within the gaming sector, the study recommends enhancing comprehensive service capabilities, strengthening marketing efforts, optimizing the composition of visitor source markets, developing a more diversified range of hotel facilities, actively embracing innovative technologies, and reinforcing the cultivation of a diversified talent base.