Macau’s operators say their support of the weekend’s Grand Prix highlights their commitment to helping the city diversify its tourism offering.
Macau Chief Executive Ho Iat Seng reaffirmed in his policy address this week that “promoting an adequate economic diversification” remained a key objective for the government of the Special Administrative Region, and that these efforts would continue.
Ben Lee suggests that Macau might switch over its local economy, including its massive casinos, away from the Pataca or Hong Kong Dollar to the Digital Yuan. He sees this as an “elegant solution” for many of Macau’s economic challenges, and one that still leaves important roles for the junket industry as well.
Macau's gaming operators will have to flex their collective muscles as they're expected to do the "heavy lifting" in the city's diversification efforts, notes an expert.
The Macau government is expecting gaming concessionaires to do the "heavy lifting" of economic diversification efforts, veteran casino gaming executive Kevin Clayton told Asian Gaming Brief.
Wynn Macau is working with local government to transform one of the city’s main tourist points, Rua da Felicidade (or Happiness Street), into a cultural tourism hub, carrying out a test run starting September 29th.
Macau postpones launching economic diversification plan as gaming operators’ proposals disappoint: source
The Macau Government has postponed the launch of its adjusted economic diversification plan to September, with a source saying the delay is due to gaming operators' proposals not meeting the authorities' requirements. The plan, already delayed, was set to be released in June.
Authorities in Macau have announced that they’re rolling out a series of programs to attract foreign talent to the SAR, as early as August. Speaking at a panel, heads of some of the city’s main chambers of commerce lauded the move, noting that the city has been starved for new talent for years.
Despite Macau’s recovery, it’s going to be facing the same challenges it faced historically – even as pent-up demand and changing visitor demographics give a boost to its non-gaming push, notes an integrated resorts expert.
Your Daily Asia Gaming eBrief: Macau CE: diversification plan after evaluating operators’ submissions
Macau's Chief Executive has all but come out and said that the city's diversification plans are 100 percent dependent on the six operators. The top official said that development plans submitted by the concessionaires mid-March would now serve as the basis for the government to rewrite its own.