Known as the “Vegas of Asia”, Macau’s economy has traditionally relied on gambling as its primary source of revenue. But the world changes and both the government and independent traders have seen the need to diversify as the economy can’t rely on casino footfall alone. This has led to interesting innovations in other industries, which have rapidly developed from the ground up, often using local products, and appealing to the 600,000 Macau residents as much as the tourists. With the allure of Macau’s gambling scene still bringing in millions of tourists a year, hundreds of independent businesses have a great chance to thrive and expand.
Macau’s tourism industry is being driven by visitors from nearby Hong Kong — so far this year more than 2.5 million people have traveled to Macau to play in the gaming halls. This is a major shot in the arm for the gambling industry in the city, as well as the restaurants, cinemas, and retail outlets that rely on casino tourism.
The gambling industry worldwide hasn’t slowed down either, powered by online casinos, which continue to develop more sophisticated games for those who play slots online or enjoy live dealer games at the card tables. As far as destinations for land-based casinos go, Macau is at the top of the pile, and despite the iconic status of Las Vegas as a playground for gamblers, it regularly outperforms its American counterpart by six times.
Innovative & Independent BusinessesDespite the dominance of the casinos, a vibrant market has opened up, giving opportunities for small businesses to establish themselves. Macau’s small size means that local companies can make more impact than they could on the Chinese mainland or other huge markets, with their intense competition in all sectors. A good example is the food delivery app Aomi because in a larger country, it wouldn’t stand a chance, but a local service needs less capital to penetrate the market and can operate at a competitive level.
While major brands still dominate the malls and resorts, many small businesses have emerged, which are often taking advantage of increased online engagement with independent companies. Macau has seen a rising trend in people monetizing their hobbies and creating fresh ideas and concepts — handmade jewelry by Miden Designs and bespoke scented candles from Imbali Essentials, to name a couple that have launched in the last three years.
Somewhere beneath the bright lights Portuguese influence can still be felt in Macau, and is probably best represented in food form. Monoymous Macau entrepreneur Asai has collaborated with Portuguese chef Pedro Almedia on several projects, and over the last two years they have successfully opened fine-dining spot Portucau, as well as a traditional pie-shop Pastéis de Chaves. And their tavern Three Sardines serves petiscoes — small plates similar to tapas — to enthusiastic locals and tourists alike.
Another independent company, The Moo Creamery, has been proffering vegan and lactose-free ice cream online since 2020, and proved so successful that a retail shop opened in 2021. Not only is the ice cream delicious, but it is also low in sugar and made mainly from raw ingredients, making it a great healthy option for kids and adults.
Macau will always be a casino town. But if you scratch the surface you’ll find a buzzing hive of activity, with local retailers to check out and support, great independent eats and drinks, and a whole host of other interesting small businesses. Hopefully, these innovative companies will continue to thrive.
