Macau’s casino industry, once the undisputed epicenter of global gaming, is navigating a turbulent period of closures, regulatory tightening, and shifting investor sentiment. Melco Resorts & Entertainment (MLCO), one of the city’s leading operators, now faces the dual challenge of managing operational disruptions and recalibrating its asset portfolio. These structural changes have far-reaching implications for profitability, valuation, and investor confidence.