Macau Chief Executive Ho Iat Seng stated that he will continue to review the non-gaming investments of Macau's six major casino operators, aiming to reduce dependence on gaming revenue. This plan is a core part of Macau's economic diversification strategy, involving substantial investment and clear objectives, intended to enhance the local economic resilience.
Economic Diversification Strategy Launched
Since taking office in December last year, Ho has reiterated his commitment to reviewing non-gaming investments in his policy address. By 2032, these investments are expected to total up to 16 billion US dollars, which is a significant move to reduce reliance on the gaming industry. Global upheavals like the pandemic have exposed the risks of a single-industry economy, and Macau must act quickly to cultivate new industries.
"1+4" Development Plan and Goals
Macau is promoting the development of healthcare, technology, finance, and convention industries through the "1+4" strategy to enhance the status of the hotel and tourism sectors. The government has set a goal for non-gaming revenue to account for 60% of GDP by 2028, up from 16% in 2019, which is quite ambitious. Tourism promotion is key, with currently 73% of tourists coming from the mainland, and the tourism bureau is actively promoting globally to attract international visitors.
International Tourism Promotion and Data
Tourism bureau official Senna Fernandes emphasized the appeal of Macau's integration of Eastern and Western cultures. As of September, there were nearly 30 million tourist visits, including about 1.19 million international tourists, with a GDP growth of 4.2% to 301.33 billion Macau patacas, and tax revenue of 88.8 billion Macau patacas, an increase of 3.3%. These figures show progress, but challenges remain.
Expert Opinion: Challenges and Recommendations
Consultant Galloway believes that the goal of non-gaming GDP accounting for 60% by 2028 may not be realistic, as gaming still dominates consumption. He suggests investing in infrastructure and family entertainment facilities to help diversify the economy. Frankly, transformation takes time, but the direction is correct.
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