澳門賭場倒閉潮：博彩業轉型的陣痛與未來

2025年，澳門博彩業迎來一場前所未有的變革——13家賭場相繼倒閉，其中包括歷史悠久的利澳賭場以及多家“衛星賭場”（如君怡、勵宮、財神等）。這一現象並非偶然，而是多重因素共同作用的結果，既反映全球經濟環境的變化，也標誌著澳門博彩業從粗放式增長向精細化管理的轉型。

1. 政策調整：衛星賭場模式的終結

澳門政府自2022年起修訂《博彩法》，規定所有賭場必須由六大持牌博企（如澳博、銀河、金沙等）直接經營，禁止協力廠商“衛星賭場”通過利潤分成模式運營412。這些衛星賭場原本依附於持牌公司，以較低成本在非核心地段經營，但隨著新規要求它們必須在2025年底前關閉或由持牌企業收購，許多無法轉型的衛星賭場被迫結業。例如，澳博控股旗下的9家衛星賭場中，僅2家（十六浦、凱旋門）可能被收購，其餘7家則直接關閉。

2. 經濟環境：全球衰退與消費降級

全球經濟下行導致高端賭客減少，尤其是依賴內地遊客的澳門博彩業受到衝擊。過去，豪客一擲千金的“貴賓廳”模式曾是澳門賭場的利潤支柱，但2021年“洗米華案”後，貴賓廳業務幾乎消失。同時，普通遊客的消費能力下降，賭場的中場業務（大眾賭桌）收入增長乏力，使得規模較小、依賴本地客源的衛星賭場難以為繼。

3. 競爭加劇：線上賭博與綜合度假村的崛起

互聯網賭博的興起分流了大量傳統賭客，許多人更傾向於線上下注，而非專程前往澳門。此外，澳門近年重點發展綜合度假村（如永利皇宮、銀河度假村），這些大型賭場集酒店、購物、娛樂於一體，吸引高端遊客，而老舊的衛星賭場則因設施落後、體驗單一逐漸被淘汰。

4. 社會轉型：年輕人不再熱衷賭博

新一代消費者（尤其是Z世代）的娛樂方式更加多元化，電子競技、短視頻、社交媒體的流行使得傳統賭博的吸引力下降。澳門政府也順應趨勢，推動經濟多元化，鼓勵發展科技、金融、會展等非博彩產業，以減少對賭場收入的依賴。

5. 就業衝擊與未來展望

賭場倒閉直接影響約5,600名員工，部分資深員工可能被迫轉崗至酒店清潔、餐飲等非博彩崗位，甚至面臨失業。不過，澳門政府強調，持牌博企有責任妥善安置員工，部分人可能被調配至大型度假村繼續工作。

從長遠來看，澳門博彩業正經歷一場結構性調整——從依賴貴賓廳和衛星賭場的舊模式，轉向以綜合度假村和非博彩業務（如會展、娛樂、購物）為核心的新模式。這場轉型雖然短期內帶來陣痛，但可能是澳門經濟走向可持續發展的必經之路。

Macau Casino Closures: The Pains and Prospects of a Gambling Industry in Transition

In 2025, Macau’s gambling industry faced an unprecedented wave of transformation, with thirteen casinos shutting down one after another. Among them were the long-standing L’Arc Casino and several “satellite casinos” such as Grand Dragon, Rio, and Fortuna. This phenomenon was not accidental but rather the result of multiple converging factors. It reflects both global economic shifts and Macau’s structural move away from rapid, loosely regulated growth toward a more refined and sustainable model.

1. Policy Overhaul: The End of the Satellite Casino Model

Beginning in 2022, the Macau government revised its Gaming Law, mandating that all casinos must be directly operated by one of the six licensed concessionaires (including SJM, Galaxy, Sands, etc.). This effectively ended the long-standing satellite casino model, where third-party operators ran casinos under profit-sharing arrangements with licensed companies. These satellite venues typically operated at lower costs in non-prime locations. However, the new regulation required all such operations to shut down or be acquired by licensed companies by the end of 2025. Many could not adapt and were forced to close. For instance, of the nine satellite casinos affiliated with SJM Holdings, only two—Ponte 16 and L’Arc—were likely to be acquired, while the remaining seven ceased operations altogether.

2. Economic Downturn: Global Recession and Consumer Retrenchment

Macau’s gambling industry, heavily reliant on visitors from mainland China, suffered due to a global economic downturn. The once-lucrative VIP segment, built around high-roller junket rooms, collapsed following the 2021 arrest of junket magnate Alvin Chau (the “Suncity” case). At the same time, general tourists’ spending power declined, and mass-market gaming revenue stagnated. Smaller satellite casinos, which lacked scale and mostly served local patrons, could no longer survive in this climate.

3. Rising Competition: Online Gambling and Integrated Resorts

The rise of online gambling diverted a significant portion of the traditional gaming customer base. Many now prefer placing bets virtually rather than traveling to Macau. Meanwhile, Macau’s government and major operators have shifted focus toward developing integrated resorts, such as Wynn Palace and Galaxy Resort. These massive complexes combine gaming with luxury hotels, shopping, and entertainment, drawing in premium clientele. In contrast, outdated satellite casinos with limited facilities and a narrow focus have become increasingly obsolete.

4. Social Shift: A Generation Moving Away from Gambling

The new generation of consumers, especially Gen Z, has embraced more diverse entertainment options—from e-sports to short videos and social media—leading to a decline in interest in traditional gambling. The Macau government has responded by promoting economic diversification and encouraging growth in non-gaming sectors such as technology, finance, and convention industries, aiming to reduce reliance on casino revenues.

5. Employment Impact and Future Outlook

The closures directly affected around 5,600 workers. Some experienced casino employees were reassigned to non-gaming roles such as hotel housekeeping or food services, while others faced potential unemployment. The government has emphasized that licensed gaming operators bear responsibility for proper employee placement, with some expected to be reassigned to larger integrated resorts.

In the long term, Macau’s gambling sector is undergoing a structural transformation—from a model heavily reliant on VIP junkets and satellite casinos to one centered on integrated resorts and diversified non-gaming businesses such as MICE (meetings, incentives, conferences, and exhibitions), entertainment, and retail. Although this transition entails short-term pain, it may ultimately pave the way for a more resilient and sustainable Macau economy.