Third IR?
Still, the Government's strict regulatory regime on casinos remains, perhaps, the biggest impediment to the sector's growth, and has stifled any talk of a third IR.
The two existing IRs have boosted the flagging domestic tourism industry, which has seen visitor arrivals grow from 11.6 million in 2010 to 15.5 million last year. They also directly employ over 22,000 staff, of whom about 70 per cent are locals, according to the latest data from 2012.
But despite the economic benefits, many observers doubt that there is any appetite for a third IR, come 2017. Already, they say, existing operators are unlikely to be allowed to significantly expand their casinos in the near future.
One Macau-based analyst noted: "Based on how we've seen the Government operate since 2010 - namely, by making things more difficult for existing operators - it's hard to believe it would want to see even more casinos."
Prospects look even more untenable in the light of current tight foreign labour policies here, CIMB economist Song Seng Wun said. "IRs are extremely labour-intensive projects. Given the current constraints on labour, how are you going to find the workers to build it, and then staff it? As it is, businesses here are already grappling with manpower shortages," he said.
For now, mindful of the social impact, the Government seems reluctant to make it easy for the IRs to rack up the type of growth possible in a casino-centric market like Macau. Nor do observers expect any new gaming licences to be introduced.
If Singapore is reluctant to embrace new casinos, many other Asian cities are keen to do so, possibly at the expense of the IRs here. That's something to bear in mind. It's not an easy call but, for now, it seems the Government is inclined towards "Two is Enough".