He seems to be using msvc instead of mingw, i think msvc uses project files from https://github.com/finalburnneo/FBNeo/tree/master/projectfiles instead of makefiles (i could be wrong).
Not sure why you'd need to do that with mucci's tutorial, it shouldn't be necessary with msys2+mingw.
I'm not sure either but, i think he's using the project files from that previous thread you helped where he asks for the 0.2.97.44 source code
For curiosity i downloaded the source, i didn't know that trick too, i tried to compile with the old mingw 4.9 but didn't work any build (32/64/debug), at the end it always return many errors from that video libraries/objects
when you disable the avi record, it starts to compile all kinds of builds flawlessly
----------------
And you right, i'm totally confusing the files sorry about that, it's the makefile.vc you have to edit, but is worth a try disabling the video features