With a population of just half a million, Macau feels like China amplified and miniaturized. It is animated by the same combination of ambition, risk, and self-creation, but the sheer volume of money and people passing through distilled the mixture into an extract so potent that it can seem to be either the city’s greatest strength or its greatest liability. Macau used to manufacture fireworks, toys, and plastic flowers, but once the casinos arrived, the factories vanished. The average citizen now earns more than the average European.

