Macau Aims for Economic Diversification as Gaming Industry Share Stabilizes

The gaming sector in Macau is still a major driver of the local economy, although the government is moving to lessen its dependency.

According to Chief Executive Ho Iat Seng, gaming would contribute 36.2% of the GDP of the region in 2023, in line with the goals of diversification.

This sum aligns with the government’s long-term strategy as outlined in the 2024–2028 Plan. Although a slight increase in the gaming sector’s worth is anticipated in 2024, policymakers plan to keep its share of the economy at approximately 40%.

Nowadays, diversifying the economy is the main priority. Operators must give priority to non-gaming attractions and foreign visitors when awarding new gaming concession contracts in January 2023.

By highlighting Macau’s unique cultural blend and putting on extensive promotional events, the government hopes to draw tourists from abroad. They also plan to improve non-gaming sectors including entertainment, conventions, and “tourism+” initiatives.

According to this strategy, Macau aspires to be a globally recognized “city of sports” and “city of performing arts.”

The pandemic is helping Macau’s economy rebound. In 2023, gaming revenue amounted to MOP183 billion, an 80% increase from pre-pandemic levels.

The government expects MOP216 billion in total gaming revenue in 2024, while the IMF forecasts a 13.9% GDP increase.

Original Story by: Asian Gaming Brief