Abstract： Gambling is one of the most special consumer behaviors of human society and is closely related with the history of human society. Gambling is also an important industry in the social and economic development of Macao. This paper presents decades of research by a Chinese research team, exploring the impact of social, environmental, and biological factors on gambling behavior through the perspective of behavioral economics. Utilizing a combination of field surveys and experiments, large-scale surveys, and behavioral genetics, the studies investigate these influences from both theoretical and applied dimensions. Additionally, it provides an empirical comparison between Mainland China and Macau, aiming to identify the causes and current state of gambling behavior among the Chinese population. Research results of this project are expected to provide two main benefits: psychological help for the understanding, forecasting, and interference of the problems of interests and conflicts caused by gambling behavior; and empirical and theoretical scientific bases in providing useful inspiration and guidance for institutions to prevent and respond to gambling disorders.

Key words： gambling; gambling motivation; domain-specific; individual characteristics

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Abstract： VIP customers represent a pivotal market segment for Macao's integrated resorts. Amidst the evolving landscape shaped by mainland China's legal and regulatory frameworks and the enactment of Macao's new gaming laws and regulations, integrated resorts have transitioned from the traditional third-party (junket promoter) management model to a direct management model catering to the premium guests and VIP customers. To sustain a competitive edge, profound understanding of VIP customers is inevitable. Utilizing Partial Least Squares Structural Equation Modeling (PLS- SEM) for data analysis, this paper investigates the VIP customers of Macao's integrated resorts and uncovers that intrinsic gaming motivations, extrinsic recognition gaming motivations, and extrinsic integrated gaming motivations all significantly and positively influence the awe experience of gaming, with intrinsic gaming motivations exerting the most substantial impact. Moreover, the awe experience of gaming significantly enhances the perception of gaming attractiveness. This study further delineates the mediating role of the awe experience of gaming between gaming motivations and the perception of gaming attractiveness.

Key words： gaming motivations; awe experience of gaming; perception of gaming attractiveness; integrated resorts; VIP customers; Macao

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Abstract： Strategic management is an important tool for enterprises to deal with the uncertainty caused by rapid changes in the business environment. This study uses the Ansoff Matrix to analyze the world’s eight largest gaming companies and reveals their growth strategies and specific measures. This study found that market penetration strategy is the most important strategy for eight gaming companies. Methods of market penetration include reinvesting in existing facilities, adding new facilities, acquiring existing competitors, establishing customer loyalty programs, etc. The market development strategy is not to enter as many markets as possible, but to enter the most important markets: Asian and US markets with competitive advantages. The direction of product development strategy is mainly Internet gambling. The unrelated diversification strategy focuses on developing gaming management services targeting different markets. Common methods used by companies to achieve their own growth strategies include strategic alliances, mergers and acquisitions, and divestitures when necessary. This study provides a reference for the development strategies of Macao gaming companies.

Key words： gaming companies; business strategies; market penetration; market development; product development; Ansoff Matrix

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Abstract： This article provides a general overview on circular economy, the current development of circular economy, and the recent research on circular economy disclosure. Six of Macao’s gaming operators were selected to have an initial review of their ESG or sustainability reports between 2020 and 2022. The findings showed that all the gaming operators were at the preliminary stage on circular economy disclosure and disclosed very limited circular economy information in their reports. Most gaming operators provided circular economy examples of recycling bottles, producing glass-bottled water, and minimizing food waste. Only a few gaming operators regard circular economy as corporate goal. The Hong Kong Stock Exchange does not have mandatory requirement for listed companies to disclose circular economy information in the ESG or sustainability reports, but listed gambling operators need to prepare such reporting requirement in the future. This article also briefly discusses the circular economy development trends of the Hong Kong Stock Exchange and other stock exchanges in China and provides some suggestions for policy makers and listed companies for circular economy.

Key words： circular economy; Macao’s gaming operators; sustainable development; ESG

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Abstract： In recent years, the general public’s attention towards civilized tourism has been steadily increasing. Based on the Value-Belief-Norm theory, this study takes Beijing as a case study to investigate the civilized behavior towards tourists and its influencing factors, aiming to explore the influencing factors and mechanism of civilized tourism behavior based on value beliefs, personal norms, social norms, anticipated emotions, and behavioral intentions. The research indicates that value beliefs have a positive effect on personal norms through a causal relationship. Subsequently, through the intermediate cause and effect of anticipated emotions, it finally has an impact on tourists’ civilized behavior; anticipated emotions play a facilitating role between personal norms and behavioral intentions, while personal norms cannot directly influence behavioral intentions; social norms moderate the relationship between personal norms and anticipated emotions. Thus, this study puts forward related managerial revelation, including administrative measures, destination management, public opinion media, tourists, and perspectives on internationalization in management guidance measures. On a theoretical level, this study helps clarify the formation pathway of tourists' civilized behavior. In practice, it contributes to further enhancing the civility of tourists and the overall quality of citizens, promoting civilized order and high-quality development in the tourism market.

Key words： tourists’ civilized behavior; influencing factors; action mechanism; perspective of Value Norms

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Abstract： As society continues to age, the gap between the supply and demand for elderly care is becoming more evident. Existing research primarily focuses on the needs of elderly tourists or the development of health and wellness tourism. However, it often overlooks the potential synergy between health tourism and rural elderly care. This paper addresses that gap by introducing the concept of wellness villages. These villages provide health services and a supportive environment for retirement and healthy living in rural areas. They cater to aging populations from large cities, enabling them to enjoy a dual urban-rural lifestyle, as well as seasonally migrating seniors. Additionally, wellness villages promote the integration of local elderly residents and visiting senior tourists, encouraging the shared use of wellness facilities. This integration fosters a harmonious relationship between health tourism and rural elderly care. The paper identifies four key evaluation dimensions for these villages: resource endowment, infrastructure, social conditions, and elderly-friendly adaptations. It also outlines three primary development models: industry-driven model, culture-driven model, and tourism resource-driven model. Specific cases in the Guangdong-Hong Kong-Macao Greater Bay Area are examined to evaluate potential sites. The development of wellness villages offers a promising path to creating age- friendly societies and advancing rural revitalization.

Key words： wellness village; wellness tourism; rural tourism; rural elderly care; active aging; Guangdong-Hong Kong-Macao Greater Bay Area

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Abstract： Using ecological-self theory, self-expansion theory, and cognitive evaluation theory, the study investigates the relationship between tourists’ willingness to return and the perceived harmony of ecological theme parks. After conducting a systematic review of relevant literature, a model is developed. It investigates the interactions between tourists’ perceived harmony in ecological theme parks, self-reflection, revisit intention, and emotions ( positive/negative) , all of which are affected by environmental beliefs. An empirical analysis of 372 online survey responses found that tourists’ perceived harmony in ecological theme parks has a significant positive impact on their willingness to return. When visitors encounter a peaceful environment and atmosphere in the park, they are more likely to return. Furthermore, positive emotions increase revisit intention, while negative emotions decrease it. Self-reflection plays an important role in this process, as tourists’ reflections during their experience help them gain a better understanding of their emotions and needs, influencing their decision to return. Furthermore, environmental beliefs play a moderating role in the relationship between tourists’ perceived harmony and their willingness to return. Those with strong environ-mental beliefs are more likely to feel positive emotions and reflect on themselves after experiencing the park’s harmony, increasing their likelihood of returning.

Key words： perceived harmony; ecological theme park; willingness to revisit; self-reflection; emotion; environmental belief; cognitive evaluation theory

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Abstract： The Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area clearly defines Macao’s positioning as “one center, one platform, and one base”. However, due to the long-standing dominance of the gaming industry in Macao’s economic structure, the city has developed a stereotypical image centered around gambling, which is not conducive to the diversified development of its tourism sector. Therefore, to better evaluate the achievements in diversifying Macao’s tourism destination image, this paper analyzes perceptions held by mainland tourists based on data from Weibo. The results indicate that Macao is perceived as a city of art and fashion, tourism and leisure, international cuisine, hotel services, history and culture, gaming and entertainment, as well as conventions and trade, which broadly aligns with the planned objectives. Among these, the weakening of the image as a city of gaming and entertainment signifies that Macao has been shedding its stereotypical image as a gambling hub, reflecting the effectiveness of its efforts in diversifying its tourism image. Simultaneously, focus should be directed towards the international gourmet cuisine city experiencing unusual fluctuations, the city renowned for its hotel services, as well as the convention and trade city in its early stages of development, to ensure a positive evolution of Macao’s image.

Key words： Macao; tourism image; tourists’ destinations; social media; diversification

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Abstract： Based on the tourist perception-attitude-behavior theory, this study collected Chinese and English tourist reviews of six major integrated resort hotels in Macao using Python web crawler technology, and then explored the relationship between hotel design intention and tourist perception using text analysis and structural equation modeling. The results showed that there were significant differences between Chinese and Western tourists in design perception dimensions such as building appearance, decoration style, and atmosphere creation. Design element perception had a significant positive impact on satisfaction, and satisfaction positively influenced recommendation intention and willingness for revisitation. Tourist types moderated the relationship between design element perception and satisfaction, and the design perception of Chinese tourists had a stronger impact on satisfaction. Based on these results, this paper proposed design optimization strategies for Macao’s integrated resort hotels based on aspects of enhancing the matching of design intention and tourist perception, improving the perception of key design elements, and balancing the differentiated needs of Chinese and Western tourists, which provide reference value for improving hotel competitiveness and tourist experience.

Key words： integrated resort hotels in Macao; design intention conveyance; tourist perception; perception-attitude-behavior theory; python web crawler

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