Few people would notice an unattractive, five-story residential building that stands behind the dazzling Grand Lisboa Hotel.

Glittering in gold, the iconic example of Macao architecture outshines its poor neighbor, a grim concrete building covered with peeling paint that rises from the cracked pavement.

Standing across the road, with both structures in sight, I was wondering which of the duo would better describe today's Macao.

I reckon it must be the Grand Lisboa for most of the 29 million tourists who have visited the small city and for numerous people who haven't been here.

Fifteen years after its return to the motherland, Macao has written a successful economic story.

Forget about Las Vegas, Macao has cemented its status as the undisputed heavyweight champion of gambling.

Its gambling revenue of $45 billion in 2013 was seven times that of Las Vegas.

Macao's GDP per capita now ranks fourth in the world, overtaking Switzerland.

Walking on the reclaimed Cotai Strip, one could easily be shocked by how huge and magnificent the the Venetian Macao-Resort-Hotel and other resort and casino properties are.

But not every one of the city's population of some 600,000 would agree that Macao is just about the glitz and rapidly accumulating fortunes.

"That (the Cotai Strip) is for tourists, people like you," said Eileen Chu, who runs a pharmacy not far from the Grand Lisboa. "I very rarely go there, and the Peninsula has always been the true place for locals like me."

The Macao Peninsula, for many people, has indeed remained as it was, except for a narrow strip of coastal land that has state-of-the-art properties, including the MGM Macao and the Grand Lisboa.

Streets are small on this densely populated piece of land, with old-fashioned tower blocks pressed close to one another.

Diners might sit with total strangers at the same round table, waiting to be served Macao-style roast pork by yelling waiters at a greasy spoon, while young couples might enjoy authentic food in a tastefully decorated Portuguese restaurant.

I heard many people－gaming industry insiders, hotel managers, analysts－talk about Macao's urgent need to diversify its economy and not be so reliant on gaming.

They say consumers have higher expectations now and, at the end of the day, it's their overall experience, rather than gambling, that will linger long in their minds.

While having tea with Irene Wong, MGM Macao's vice-president of sales, public and community relations, in the magnificent Portuguese-style lobby of her group's property, she described vividly how she spent HK$8 ($1.03) for a breakfast of a bun and a cup of coffee when she moved to Macao from Hong Kong more than a decade ago, and never said a word about gambling.

Macao's diversification may mean introducing future visitors to more choices, and it may also mean that they will rediscover and appreciate Macao's history, tradition and lifestyle.

Contact the writer at zhanghaizhou@chinadaily.com.cn