This study uses a formative modeling approach rather than the more common reflective modeling approach to operationalize residents’ perceived benefits/costs. Partial least square structural equation modeling was adopted to model the predicting effects of perceived benefits/costs on residents’ support for casino development. Additionally, the mediating role of satisfaction with life was examined. Drawing from a survey administered to 1047 Macao residents, this study reveals that only perceived economic and environmental benefits affect support for casino development. The mediating effect is not confirmed. Meaningful implications are provided for policymakers and casino operators.