MACAU - In the shadow of the Grand Lisboa, the Macau casino world-famous for its "golden lotus" design, fashion boutique owner Suzanne Leong wonders if the economic miracle that initially made her fortune has now cast her aside.
The Chinese casino hub once again tops the world in gaming revenue in 2024 as visitors return after the Covid-19 pandemic, but residents like Ms Leong point to a huge disparity in which parts of the economy are bouncing back.
As Macau celebrates 25 years under Beijing rule this week, many feel more urgently than ever that the city needs to diversify its economy - something Beijing has demanded for years to underwhelming results.
"To truly make Macau a place that does not run on casinos, it's not easy to find a way. But if we don't try now, there will only be fewer options," Ms Leong, 51, told AFP.
"Because I really love Macau, I feel panicked."
Born and raised in the former Portuguese colony, she belongs to a population that became China's richest from two decades of wealth spilling out of casinos.
But shifting consumer habits among locals and tourists have led her to believe those days are gone for good.
Ms Leong's regulars are tightening purse strings while Chinese tourists are now more likely to eat from lunch boxes outside her shop instead of coming in to spend.
This story is from the December 19, 2024 edition of The Straits Times.
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This story is from the December 19, 2024 edition of The Straits Times.
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