Two decades after Macao’s returning to China，thanks to “one country two systems” and “liberalization of restriction on casino-operating licenses”, Macao’s casino industry has achieved unprecedented development. There are five major achievements in its social development inducing sky-rocketing rate of economic development, per capita GDP ranking No. 2 in the world, the formation of a welfare society, well-integration with mainland China as well as leapfrog development in higher education. However, Macao also faces two main challenges including casinoization of its economy and casinoization of Macao society. Both challenges become more pronounced after 2019 Covid-19 pandemic. 澳门回归祖国20年以来，在“一国两制”的政治前提与“赌权开放”的经济政策支持下，博彩业蓬勃发展，社会发展在以下五个方面取得了突出成就，包括：经济井喷式增长，人均GDP跃居世界第二，福利社会形成，与祖国大陆的良好融合，以及高等教育的跨越式发展。但与此同时，澳门社会发展也面临着经济博彩化与社会博彩化两大挑战，其结果在2019新冠肺炎疫情之后尤为突出。