Macau to Seek More Economic Diversity, Could Approve New Gaming Law in June

February 15, 2022 Macau Emerging Markets Industry Updates

Macau’s chief executive, Ho Iat-seng, has provided an update on the city’s direction. While casinos will continue to play a huge role, “economic diversification” is coming sooner than expected.

Macau is facing a “complex and volatile development situation.” This was among the opening remarks Macau’s leader told the Macao Chamber of Commerce last Friday. As a result, and in light of continued questions because of the COVID-19 pandemic, new opportunities and challenges lie ahead.

In order to respond to the challenges and the volatility, economic diversity will need to make its way to the city. A few years ago, Macau’s leadership began making plans for this. At the time, it began discussing how to move away from its reliance on casino gambling. The city will now expedite its plans.

China Plays a Role In Macau’s Development
The goal of economic diversity, and the path to achieving it, does not come solely from Macau’s internal objectives for the city. It’s also not a result of a desire to attract other types of tourism apart from the gambling segment. As Ho alluded to in his speech, it is also coming from what China wants for the city.