Ho Iat Seng, the former Chief Executive of Macau, says he wants people to not just see Macau "as a destination for casino gaming."
Macau’s outgoing Chief Executive, Ho Iat Seng, has underscored the city’s determination to move beyond its reliance on the gaming sector. He announced that Macau “is no longer dominated by the gaming industry.”
He made this announcement in an interview with multiple media outlets as he discussed the 25th anniversary of the establishment of the Macau Special Administrative Region (SAR), which will be celebrated on December 20, 2024.
Macau, the former Portuguese colony, is undergoing a significant transformation as it celebrates the 25th anniversary of its return to Chinese sovereignty. While the city has long been synonymous with its thriving gaming industry, it is now actively diversifying its economy and embracing its cultural heritage.
The outgoing executive pointed out that Macau is "shifting away from a gaming-dominated economy. Ho, who will step down in just over a week’s time, says he wants people to not just see Macau "as a destination for casino gaming."
The gaming revenue of Macau in 2023 reached approximately 75% of its 2019 level. However, its contribution to Macau's GDP has significantly diminished, representing only 37.2% of the total economic output.
The government has set an ambitious goal to increase the share of non-gaming value-added sectors to 60% by 2028.
This strategic shift is driven by a recognition of the vulnerabilities inherent in a single-sector economy. The COVID-19 pandemic exposed the risks of over-reliance on a specific industry, prompting Macau to explore new avenues for growth.
Ho pointed out that when he assumed office, his government has “prudently handled the revision of Macau’s gaming laws and the new round of gaming concession bidding, implementing stricter regulations on the gaming industry and clearly defining the direction for the development of non-gaming sectors.”
One key area of focus is the development of Macau as a cultural hub. The city is leveraging its unique blend of Chinese and Western cultures to attract tourists and residents alike. The performing arts industry has witnessed substantial growth, with increased ticket sales boosting related sectors such as retail, dining, and hospitality.
However, Macau faces challenges in accommodating large-scale events due to limited venue capacity. To address this, the government is constructing a new outdoor performance venue that can host up to 80,000 people. Korean actor and singer Lee Joon Gi will hold the inaugural event at the Macau Studio City Event Center on December 28.
This initiative is expected to further elevate Macau’s cultural status and attract international artists and events.
Macau’s integration into China’s national development strategy is another crucial factor driving its transformation. The city is actively participating in various initiatives, including economic cooperation, cultural exchange, and technological innovation. By leveraging its strategic location and unique advantages, Macau aims to position itself as a vital link between China and the world.
Read related article: Macau Forecasts $29.7 Billion in Gaming Revenue for 2025
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