Pansy Ho says Macau needs ‘completely new perspective’

Macau, the preeminent global gambling center, aspires to achieve economic diversification beyond the gaming industry. Macau’s casino industry generated revenue of $36 billion in 2019, constituting more than half of the city’s gross domestic product and employing 17% of its labor force.

However, in 2022, when the renewal of casino licenses approached, the government insisted that agreements be made to improve non-gambling offerings and attract more foreign travelers.

At Fortune’s Brainstorm Design conference, Pansy Ho, chairman of MGM China Holdings, one of Macau’s licensed casino operators, emphasized the need for a fresh perspective. Ho, the progeny of casino magnate Stanley Ho, was cognizant of the government’s rigorous license renewal prerequisites, which included operators furnishing weekly and monthly timetables for newly introduced services.

The arts and culture, according to Ho, could assist MGM China in diversifying Macau’s economy. In order to underscore the historical significance of the city, MGM China authorized composer Tan Dun to produce a composition that drew inspiration from Dunhuang, a UNESCO-listed Silk Road intersection. Furthermore, the organization made a commitment to rejuvenate the locality surrounding the A-Ma Temple through the implementation of innovative endeavors and the conservation of historically pivotal locations.

Ho asserts that Macau serves as a center for the arts, with studios, art exhibitions, and festivals. Although she advocates for economic diversification, she perceives gaming as a means to bolster and supplement non-gaming components of the hospitality industry, including incentives, conferences, exhibitions, and meetings (MICE).

Despite his inclination towards a more diverse economy, Ho maintains his backing for the casino sector, with the intention of leveraging it to advance and maintain other sectors within Macau’s hospitality industry.

Related Article About: Pansy Ho

Original story by: Fortune