Macau plans to diversify revenue with non-gaming sectors
Macau has plans to diversify its revenue and be less dependent on its gaming revenue, as mentioned in the latest Macau news, shortly after Director Xia Baolong's recent official visit to Macau.
As per various Macau news reports, Chief Executive (CE) Ho Iat Seng said that: “According to official figures to be announced soon, the gaming industry only accounts for about 36 percent of GDP in 2023, with the rest being non-gaming elements.
“It is estimated that the share [of GDP from the] gaming industry will increase in 2024, but the government will endeavour to maintain the share at 40% or below,” he explained.
The plan for diversification is the “1+4” appropriate economic diversification strategy set to be implemented this year. It aims to “enrich Macao’s function as “One Centre” for integrated tourism and leisure, while facilitating the development of four nascent industries, namely: the ‘Big Health’ industry; modern financial services; high and new technology; and convention and exhibition, sports and the commercial and trade industries.”
The above is further emphasised after the seven-day official visit by the Director of the Hong Kong and Macao Work Office of the Communist Party of China (CPC) Central Committee and the Director of the State Council’s Hong Kong and Macao Affairs Office, Mr Xia Baolong.
Others include the recent updates in travel such as the NIA’s new measures for mainland travellers and the 8 new cities under the FIT scheme. Both moves are set to benefit not only gaming visitors but also visitors for non-gaming activities and business travels.
Despite the plans for diversification into non-gambling sectors, gambling revenue still remains a significant portion of Macau’s revenue, with a 26% increase in GGR compared to last year of the same period.
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