Path Analysis of Macao's Transformation from a Gaming Economy to a Diversified Economy

The dominance of the gaming industry in Macao is the main reason for the fragility of the Macao economy and the difficulties in the development of an appropriate diversification of the local economy. During the period of epidemic prevention and control, the number of tourists of all kinds plummeted, and the gaming economy was seriously affected, resulting in the economic depression of Macao. The Macao SAR government and academics have put forward a series of theoretical frameworks and policy recommendations at an early stage, aiming to enhance the risk-resistant capability of the Macao economy. However, Macao has faced many bottlenecks in the process of promoting economic diversification and has yet to realize the sustainable development goal of “one industry as the mainstay and industrial diversification as coexistence”. The purpose of this paper is to analyze the development bottlenecks encountered by Macao and combine the successful transformation experiences of other cities, as well as the linkage between Hengqin New Area and Macao. This paper aims to analyze the bottlenecks in Macau's development and to draw specific recommendations to promote Macau's economic diversification and sustainable development based on maintaining the development of the gaming industry.