An emerging paradigm for festival and event management reveals that hosting theme-based festivals can foster economic growth at the local and national levels. As a case of this research, the annual Macau Food Festival was selected to explore relationships among visitors’ perceptions of festival quality, festival value, trust in the festival, visitors’ satisfaction, and behavior intention. Out of 453 questionnaires distributed, 433 questionnaires were valid for data analysis using partial least squares-structural equation modeling. The results showed that festival quality consisting of the sub-dimensions of hospitality, venue, product, convenience, and program have a positive impact on festival value, trust in festival, and festival satisfaction, which in turn affect festival loyalty. Based on these empirical findings, the current study offers practical and theoretical implications for destination management organizations and festival hosts to sustain annual theme-based festivals held at a certain destination such as Macau Food Festival.