By Contessa Brewer

Copyright cnbc

But it is gambling that fuels the profits and the tax revenue. Macao’s government collected $5.6 billion in gaming taxes in the first half of 2025, about 1% growth over 2024. The data from the first half of 2025 shows non-gaming spending per capita dropped by nearly 13%.

Las Vegas, too, has invested billions of dollars in entertainment, fine dining, spas, shopping and sports. Roughly two-thirds of revenue now comes from non-gaming sources, according to the Nevada Gaming Control Board.

Of course, that’s revenue; not profits. All those arenas, spas, pools and fancy theaters come with major construction and maintenance costs. And it takes a lot of high-priced concert tickets to pay off the investment.

Alan Woinski, publisher of The Gaming Industry Daily Report, blamed the slump in Las Vegas on declining tourist demand.

“It is pretty easy to understand that leisure is where the LV Strip is seeing business plummet. Could we get back the billions wasted on non-gaming amenities to attract the non-gambling leisure customer?” Woinski wrote on Wednesday.

Woinski says Macao is a different story: Here, the special events are driving the gambling.

“This month will be a good test because usually after a Golden Week, the rest of the month is weak,” Woinski told CNBC.

He said key metrics to watch are gross gaming revenue and whether the packed special events calendar for the rest of October helps deliver gaming revenue that finally returns to pre-pandemic levels.

One top casino executive, who asked to remain unnamed for fear of retribution, said there was “no way” Macao would ever be majority non-gaming revenue. The amenities, then, may just icing on the Baccarat cake.

— CNBC’s Jessica Golden contributed to this report.