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Macau quietly pushes back 60% non-gaming GDP target to 2030

Viviana Chan
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Macau quietly pushes back 60% non-gaming GDP target to 2030

Macau’s government has effectively extended its long-standing target for non-gaming industries to account for around 60 percent of gross domestic product (GDP), with the goal now shifted to 2030 under the city’s proposed third five-year development plan.

The revised timeline appears in the consultation draft of the Macau Economic and Social Development Plan (2026–2030), released on Tuesday, where the government states that by 2030, the ‘value added of non-gaming industries as a share of GDP’ is expected to reach ‘around 60 percent.’

The figure itself is not new. What has changed is the timing.

Under Macau’s earlier Development Plan for Appropriate Economic Diversification (2024–2028), authorities had previously targeted reaching the same 60 percent threshold by 2028, making the latest five-year proposal an implicit two-year extension of the diversification timetable.

The adjustment offers one of the clearest indications yet that the government now expects Macau’s transition away from gaming dependence to proceed more gradually than initially envisioned.

macau

Policy Research and Regional Development Bureau Director Cheong Chok Man stressed that increasing the proportion of non-gaming industries does not mean “simply reducing the gaming sector.”

Speaking during a press briefing on Tuesday, Cheong said the gaming industry could continue to develop under a framework that is “lawful, orderly, regulated and healthy,” while the government would continue promoting appropriate economic diversification, fostering non-gaming industries and supporting the transformation of traditional sectors under Macau’s ‘1+4’ diversification strategy.

Macau Labor Day holiday arrivals exceed 630K, May 2nd hits record high

Diversification remains central policy priority

Despite the revised timeline, the consultation document makes clear that economic diversification remains at the core of the administration’s long-term strategy.

The plan states that Macau will continue to pursue ‘substantive new progress’ in moderate economic diversification, while further strengthening industries including traditional Chinese medicine and healthcare, finance, high technology, conventions and exhibitions, culture and sports.

Notably, the document avoids setting any direct target for reducing gaming’s share of GDP. Instead, authorities framed the policy objective around expanding the non-gaming economy.

Rather than positioning gaming as an industry to be reduced, the government continues to describe the sector as one that should develop ‘lawfully, orderly and healthily.’

At the same time, the plan places substantially greater emphasis on non-gaming industries, innovation and regional integration than on gaming expansion itself.

The blueprint repeatedly highlights Hengqin cooperation, healthcare, education, artificial intelligence, high technology and international tourism as future growth engines for the city.

Macau, cotai-strip, Gaming revenue, Macau GGR, gaming operators, gaming industry, Macau dasino operators

Gaming sector recovery complicates diversification math

The revised timetable also reflects the reality of Macau’s post-pandemic recovery.

Following the reopening of borders in 2023, gaming revenue rebounded more quickly than many policymakers had anticipated, restoring casinos as the dominant driver of economic activity and government finances.

That recovery has also made diversification more difficult mathematically. Even if non-gaming industries continue expanding, rapid growth in casino revenue increases the overall size of the gaming economy, making it harder for non-gaming sectors to raise their proportional share of GDP.

The consultation draft itself acknowledges that Macau still faces deep structural challenges, including ‘a single industrial structure’ and the continued dominance of the gaming sector.

The government further noted that issues including uneven regional economic development, structural unemployment and demographic pressures remain unresolved.

The revised target timeline therefore appears less a retreat from diversification than an acknowledgment that transforming Macau’s economic model will likely require a longer policy cycle.

Macau visitor arrivals

International tourism and non-gaming investment

The five-year proposal also reinforces the role casino concessionaires are expected to play in the diversification process.

Under the section addressing the gaming industry, the government said it would continue monitoring concessionaires’ compliance with their contractual obligations, particularly regarding non-gaming investment commitments, international visitor development, local employment support and assistance for small and medium-sized enterprises.

Authorities added that concessionaires would be encouraged to invest in projects generating ‘economic and social benefits’ while helping enhance Macau’s international image.

The document also reinforces Macau’s push toward international tourism diversification, identifying Southeast Asia, Northeast Asia, Portuguese-speaking countries, Spanish-speaking markets, Europe, the United States and Muslim visitor markets as strategic targets for future expansion.

Between 2026 and 2030, the government expects international visitor arrivals to increase at an average annual rate of around 5 percent.

This internationalization push aligns closely with requirements introduced under Macau’s new 10-year gaming concessions, under which operators are obligated to help expand overseas tourism demand.

Macau's illicit money exchange for gambling may lead to 5 years in jail

The consultation draft also signals continued pressure on gaming-related crime as part of broader public security efforts.

The document states that the government will continue to ‘fully combat gaming-related crimes,’ with a particular focus on illegal lending for gambling and unlawful currency exchange activities.

Authorities also pledged to deepen the use of technology in policing, including artificial intelligence applications within Macau’s citywide electronic surveillance system, while further strengthening cross-border law enforcement cooperation with mainland China and Hong Kong.

The emphasis reflects growing official concern over illegal money exchange operations and other gaming-linked underground activities that have drawn heightened enforcement attention in recent years.

Public consultation on the five-year plan will run from May 20th to June 28th.

Daily Asia Gaming eBrief: LT Game expands as patent expiry looms

AGBrief Editorial
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Daily Asia Gaming eBrief: LT Game expands as patent expiry looms
Good morning. The clock is ticking. LT Game is racing against time, targeting June for BMM Testlabs certification of ‘Black Coral’, its rebuilt live multi-game platform, just months before the patent that has anchored its Macau dominance expires in October. COO Eddie Au told AGB the firm has ‘jumped over a decade’ with the new system, while bracing for competitors to enter the ring. Meanwhile, CBRE flags a 28 percent surge in Macau commissions and promotional costs, squeezing operator margins despite GGR growth. And in Thailand, the cabinet scrapped its 60-day visa-free scheme amid mounting concerns over foreign-run grey businesses.

What you need to know

On the radar

AGB Intelligence

MACAU

macau

LT Game prepares for post-patent era

The post-pandemic rebound is hiding a structural shift that Asia’s IR operators can no longer ignore, Zhonglu Zeng, President of the Asia-Pacific Association for Gambling Studies, said at G2E Asia + Asian IR Expo 2026. Premium segments are driving growth in Macau, Singapore, and Cambodia, while mass market spending stagnates. The path forward, he said, lies in bespoke service, cultural interpretation of resort assets, and tapping into the silver economy and the rise of wellness.

Industry Updates

Corporate Spotlight

How Crypto Adoption in Asia is Changing iGaming Payments

Yevhen Krazhan, CSO for GR8 Tech

Yevhen Krazhan, CSO at GR8 Tech, explores how surging crypto adoption across Asia is revolutionizing iGaming payments, stating: “When I look at what’s changing fastest in Asia, it’s payment behavior,” as wallets, stablecoins, and seamless cross-border transfers become deeply ingrained in player habits. The winning operators will be those that offer fast, reliable, and local deposits and withdrawals. To make sense of it, Yevhen breaks Asia into two crypto realities.

INTELLIGENCE | ASEAN | AWARDS | CAREERS | EVENTS

Aristocrat Gaming rolls out Thunder Empire across North America casinos

AGBrief Editorial
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Aristocrat Gaming rolls out Thunder Empire across North America casinos

Aristocrat Gaming™ is expanding its premier North American portfolio with the official release of its highly anticipated slot game, Thunder Empire™.

This major launch follows the game’s proven, market-leading success in Australia, where it continues to rank as one of the country’s most popular casino titles.

Aristocrat, Kurt Gissane, CRO
Kurt Gissane

“We are thrilled to introduce Thunder Empire to North America. This game is one of the most popular games ever to hit the Australian market, and now that buzz is coming to this side of the world,” said Kurt Gissane, Chief Revenue Officer for Aristocrat Gaming. “With four compelling titles to choose from and a brand‑new Hold & Spin feature, Thunder Empire delivers a distinctive experience that truly sets it apart.”

Thunder Empire debuts with four dynamic titles: King Samurai™, Magic Emperor™, Mongolian Empress™, and Inca Diamonds™.

Aristocrat Gaming rolls out Thunder Empire across North America casinos

The Thunder Empire game family is exclusive to the technologically advanced The Baron™ Portrait cabinet, where its bold design and integrated lighting make it stand out on any casino floor.
 
Each title on Thunder Empire has a Free Games feature and an innovation to Aristocrat Gaming’s pioneering Hold & Spin mechanic known as the Hold & Spin Again. The Hold & Spin Again is a feature-in-feature that adds extra entertainment by allowing players to trigger the Hold & Spin feature back-to-back and potentially beyond.
 
The games are available in both low- and mid-denomination configurations. The low-denomination version features an SSP jackpot starting at $10,000, while the mid-denomination option includes an SSP/SAP jackpot beginning at $50,000.

Scam networks move into Sri Lanka just as it tries to build a legitimate gambling market

Frank Schuengel
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Scam networks move into Sri Lanka just as it tries to build a legitimate gambling market

Sri Lanka is contending with a surge in illegal online fraud operations migrating from Southeast Asia, a development that poses a direct threat to the island’s nascent attempt to establish a regulated gambling industry.

Police spokesman Fredrick Wootler confirmed that more than 1,000 foreign nationals, primarily from China, Vietnam, and India, have been arrested for cybercrime involvement since January, more than double the 430 arrests recorded for the entirety of 2024. Raids have been extensive: a single overnight operation across the Galle and Matara districts netted 221 suspects, a sweep near Colombo yielded 280 arrests, and a March raid on one compound alone detained 135 Chinese nationals. Police say they are now receiving tip-offs on a daily basis.

The networks running these operations are well-known to the industry: pig butchering schemes, rigged betting platforms, and fake cryptocurrency investments, targeting victims across Asia in multiple languages. They are not building casinos, but they are building convincing facsimiles of gambling products, and doing it in a jurisdiction that is simultaneously trying to license the real thing.

The timing is acutely awkward. Sri Lanka passed the Gambling Regulatory Authority Act in 2025, legalising online betting and establishing a single regulator to oversee casinos, online platforms, and sports betting.

The GRA is targeting full operational status by June 30th, 2026, with a mandate that explicitly includes FATF-aligned AML and CTF compliance. City of Dreams Sri Lanka, the $1.2 billion Melco-John Keells integrated resort that opened in August 2025, has positioned the country as a premium gaming destination, with Melco Chairman Lawrence Ho floating the “India’s Macau” pitch. The country has been chasing half a million Indian tourist visits this year to underpin that ambition.

City of Dreams Sri Lanka, Melco Resorts

Into that picture walks a wave of criminal operators exploiting precisely the same infrastructure the legitimate industry is trying to monetize: easy-access tourist visas for nationals of more than 40 countries, reliable high-speed internet, and an affordable rental market where syndicates are setting up in coastal villas and Colombo office complexes alike.

China has publicly acknowledged the shift. Beijing’s embassy in Colombo noted the rise in illicit activity following crackdowns in Cambodia, Myanmar, and the UAE, and pledged closer cooperation with Sri Lankan law enforcement. A 2026 UN report estimated at least 300,000 people have been trafficked into scam compounds across Southeast Asia, the displaced tail-end of that network is now testing Sri Lankan soil.

Authorities are also investigating whether foreign syndicates were behind a recent cyberattack on the Sri Lankan treasury that caused approximately $2.5 million in losses, suggesting the groups now operating on the island are not limited to consumer fraud.

For operators and investors eyeing Sri Lanka as the next growth market in South Asian gaming, the message is uncomfortable but familiar: regulatory reform and criminal displacement tend to arrive simultaneously. The GRA has a June deadline to prove it can function as a credible licensor. Whether it can also keep the market clean enough to attract serious operators is a harder question, and one that the industry will be watching closely.

Macau commission and promotional spending climbs 28% in 1Q26, squeezing operator margins: CBRE

Viviana Chan
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Macau commission and promotional spending climbs 28% in 1Q26, squeezing operator margins: CBRE

Total commission and promotional expenses paid by Macau gaming operators rose 28 percent year-on-year in the first quarter of 2026, accounting for 20.6 percent of total gross gaming revenue (GGR) in the period, according to a CBRE Equity Research industry update released on Tuesday. 

The figure represents an increase of 140 basis points quarter-on-quarter and 250 basis points year-on-year, highlighting an elevated promotional environment that is weighing on operator profitability despite robust top-line growth.

CBRE analysts indicated that the quality of Macau’s GGR growth has been dampened by higher commissions, a greater share of more volatile VIP revenue, and weaker EBITDA flow-through. Macau’s market-wide GGR rose approximately 14 percent year-on-year in the first quarter, with most operators landing close to consensus estimates.

MGM China expands premium gaming space at Cotai

Margins under pressure

Despite the 14 percent increase in market-wide GGR, aggregate Macau net revenue grew only 9.7 percent year-on-year. According to the report, part of the elevated commission load is attributable to VIP revenue growth, although the analysts noted that the broader competitive and promotional environment remains intense.

Operating cost inflation has also persisted across the market. Market-wide implied non-tax operating costs rose 4.6 percent year-on-year. 

Excluding SJM, which benefited from reduced operating expenses linked to the closure of its remaining satellite casinos in the fourth quarter of 2025, non-tax expenses among the other operators increased 13 percent year-on-year, outpacing market-wide net revenue growth.

CBRE said this dynamic explains the downward revision to consensus full-year 2026 Macau property EBITDA estimates for nearly all operators following the first-quarter results. On a more positive note, implied non-tax operating expenses fell 7 percent sequentially, or 4 percent excluding SJM, with all operators registering quarter-on-quarter declines from the fourth quarter of 2025.

macau

VIP volumes accelerate

VIP volumes increased 26.2 percent year-on-year in the first quarter, accelerating from 20.7 percent growth in the fourth quarter of 2025 and 17.6 percent in the third quarter. VIP GGR rose 19.6 percent year-on-year, compared with 11.4 percent growth in mass-market table GGR. VIP nonetheless remains a relatively small share of the market, representing approximately 15 percent of total GGR.

Growth in VIP volumes was led by Las Vegas Sands (LVS), up 68.3 percent year-on-year, and Galaxy Entertainment, up 60.7 percent year-on-year. The two operators collectively control more than 50 percent of the VIP segment. Excluding the pair, VIP volumes across the rest of the market rose a more modest 1.9 percent year-on-year.

CBRE analysts acknowledged that the acceleration in VIP activity has raised concerns about the volatility and sustainability of Macau’s current growth trajectory, particularly after market-wide GGR growth decelerated to 5.5 percent year-on-year in April. 

They said the outlook ‘remains opaque’ but that they continue to see upside in current valuation levels, citing operator commentary pointing to a solid rebound in May supported by the Golden Week holiday.

Pronet Gaming secures multiple nominations at WIG Diversity Awards 2026

AGBrief Editorial
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Pronet Gaming secures multiple nominations at WIG Diversity Awards 2026

Pronet Gaming has announced that several of its team members have been shortlisted for the 2026 Women in Gaming (WIG) Diversity Awards, underscoring the company’s commitment to diversity and inclusion.

The WIG Diversity Awards, taking place on 12 June at The Savoy Hotel in London, stands as a premier celebration in the gaming industry, recognising individuals and organisations that demonstrate outstanding commitment to equality, diversity, and inclusion, while offering employers a platform to showcase how these values drive wellbeing, performance, and workplace culture.

In addition to multiple individual nominations, Pronet Gaming has also been shortlisted for the Corporate Wellness Award. This recognition is driven by the company’s initiative in Bulgaria, which provides structured medical and mental health support for employees, reinforcing its commitment to a supportive and sustainable workplace environment.

Barsha Shrestha, Pronet Gaming
Barsha Shrestha
macau
Jovana Grabez
macau
Devora Kotseva
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Gina Lama
macau
Klara Tomažič
Sunkiran Boyal, Pronet Gaming
Sunkiran Boyal
macau
Tilly Chandler
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Desislava Velcheva

This year’s individual shortlist recognises eight Pronet Gaming employees across a range of categories, namely, Barsha Shrestha – Employee of the Year; Jovana Grabez – Industry Achiever; Devora Kotseva – Inspiration of the Year; Gina Lama – Leader of the Year; Klara Tomažič – Positive Role Model of the Year; Sunkiran Boyal – Outstanding Mentor; Tilly Chandler – Executive Assistant of the Year; and Desislava Velcheva – HR Champion of the Year.  

The company is proud to be shortlisted once again this year, following strong recognition at the 2025 awards, where Pronet Gaming was shortlisted for Company of the Year and Great Place to Work, alongside nine individual nominations.

Among the winners last year was Jade Sienna-Ricciardi, who received the Young Leader of the Year award. The continued recognition reflects Pronet Gaming’s ongoing commitment to fostering an inclusive workplace where individuals from diverse backgrounds, perspectives, and experiences are empowered to thrive.

Commenting on the shortlist, Pronet Gaming CEO Alex Leese highlighted his pride in the achievements of the employees and the wider organisation: “Being shortlisted once again is something we’re incredibly proud of. These nominations reflect not only the talent and dedication of our people, but also our shared commitment to building a positive, supportive, and forward-thinking workplace culture across the business.”

PAGCOR remits $92M to National Treasury in 2025 dividends

AGBrief Editorial
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PAGCOR remits $92M to National Treasury in 2025 dividends

The Philippine Amusement and Gaming Corporation (PAGCOR) remitted PHP5.67 billion ($91.8 million) in dividends to the National Treasury on May 13th, representing 50 percent of the state gaming regulator’s net earnings for calendar year 2025.

The remittance was made in compliance with Republic Act No. 7656, also known as the Dividends Law, which requires government-owned and controlled corporations to remit at least half of their annual net earnings to the national government. The dividend check was formally received by Deputy National Treasurer Kenneth Ian Francisco during a ceremonial turnover at PAGCOR’s corporate office in Pasay City.

According to PAGCOR’s statement, the latest payment brings the agency’s total dividend contributions since 2022 to PHP29.9 billion ($483.9 million), reflecting its sustained financial performance in the post-pandemic period.

PAGCOR Chairman and CEO Alejandro H. Tengco said the gaming agency would continue to support government programs despite external pressures affecting the economy.

“Even amid challenges, PAGCOR will honor its commitment to contribute meaningfully to government programs that uplift the lives of Filipinos,” Tengco said, citing the ongoing geopolitical crisis and broader economic uncertainties as factors shaping the operating environment.

Francisco welcomed the contribution, noting that it would bolster the government’s fiscal capacity to address pressing economic concerns.

“We congratulate and thank PAGCOR for another strong year of dividend remittance,” Francisco said. “PAGCOR’s PHP5.67 billion dividend remittance makes available much-needed fiscal resources that will enable the national government to mitigate the effects of the global oil crisis and pursue programs geared toward meaningful economic and social transformation.”

PAGCOR serves a dual role as both the regulator of the Philippine gaming industry and an operator of casino facilities, with proceeds from its operations channeled to nation-building programs and public services.

Macau May GGR expected to reach $2.79B, supported by non-gaming events: Citigroup

Viviana Chan
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Macau May GGR expected to reach $2.79B, supported by non-gaming events: Citigroup

Macau’s gross gaming revenue (GGR) for May is forecast to reach MOP22.5 billion ($2.79 billion), representing a year-on-year increase of 6 percent, supported by major non-gaming events scheduled in the second half of the month, according to a report by Citigroup citing industry sources.

The investment bank has conservatively maintained its monthly projection, which implies that average daily GGR will need to reach approximately MOP704 million ($87.2 million) during the remaining days of the month to meet the forecast.

Citigroup highlighted upcoming entertainment events as potential drivers of gaming demand. Sands China is scheduled to host the IVE concert at the Venetian Arena, while Galaxy Entertainment will organize the EXO concert and UFC Fight Night at the Galaxy Arena. 

Analysts note that these major events are expected to support gaming demand during the second half of May, helping sustain the projected monthly performance.

Gaming revenue in the first 17 days of May is estimated to have reached approximately MOP12.65 billion ($1.57 billion). Average daily revenue in the previous week stood at about MOP693 million ($85.9 million), representing a decrease of roughly 11 percent compared with the daily average of about MOP780 million ($96.7 million) recorded in the first 10 days of May, a period that included the Labor Day holiday.

Despite the week-on-week decline, the figure reflects an increase of approximately 1 percent compared with the daily average of about MOP684 million ($84.8 million) registered during the same period in May of last year.

Playson expands Swiss market footprint via Admiral.ch partnership

AGBrief Editorial
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Playson expands Swiss market footprint via Admiral.ch partnership

Playson has strengthened its foothold in Switzerland by launching with Admiral.ch, one of the country’s newest regulated online casinos, delivering a portfolio of over 1,600 games alongside advanced loyalty features to boost player engagement and retention.

As part of the collaboration, a selection of Playson’s top-performing titles has been added to Admiral.ch’s comprehensive slot offering via Greentube’s aggregation platform. These include Thunder Coins XXL: Hold and Win, Supercharged Clovers: Hold and Win, and Pink Joker: Hold and Win, with more new releases to be added.

Recognised for their vibrant themes, data-proven mechanics and consistent performance across regulated markets, each of Playson’s integrated titles is set to offer a new pool of Swiss players a memorable gaming experience.

With this latest launch, Playson builds on its stellar reputation in the Swiss market, where it has partnered with several of the country’s top operators and has enjoyed significant year-on-year growth.

Blanka Homor, Sales Director at Playson, said: “Collaborating with Admiral.ch allows us to bring a selection of our proven titles already popular in the market to a fresh audience, and we are confident that their refined gameplay mechanics and reliable performance will resonate well with Admiral.ch’s player base. We look forward to building a successful, long-term relationship together.”

“Partnering with Playson marks an exciting step in expanding our content offering with high-quality, results-backed titles across regulated markets,” added Alessandro Werlen, Managing Director / CTO at Admiral.ch. “The supplier’s portfolio aligns perfectly with our commitment to providing engaging and rewarding experiences for our players, and we are positive that these new additions will further enhance our platform’s appeal.”

Thailand ends 60-day visa-free stay as concerns mount over foreign-run grey businesses

Viviana Chan
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0
Thailand ends 60-day visa-free stay as concerns mount over foreign-run grey businesses

Thailand‘s cabinet on Tuesday approved terminating the 60-day visa-free program for foreign visitors, reverting to a stricter framework as authorities seek to curb the rise of foreign-run businesses and criminal activity linked to extended stays.

As per repotted by the Bangkok Post, Tourism and Sports Minister Surasak Phancharoenworakul said the decision returns immigration rules for all countries covered by the scheme to those in place before the 60-day program took effect.

The change will come into force 15 days after an official announcement is published in the Royal Gazette, according to Mungkorn Pratoomkaew, director-general of the Consular Affairs Department at the Ministry of Foreign Affairs. No firm effective date has been set.

Thai authorities have for months signaled that the 60-day exemption, introduced to support the country’s post-Covid tourism recovery, had produced unintended consequences. Chief among them was an increase in foreign nationals settling in Thailand to run businesses or engage in criminal activity — concerns that have intensified amid wider regional scrutiny of grey-market and illicit operations often associated with gaming, scam compounds, and unlicensed enterprises.

Under the updated framework, each country or territory will be limited to a single visa exemption category, and the 60-day exemption will be revoked for all 93 eligible countries. Eligibility for the 30-day visa exemption will be reduced from 57 to 54 countries, with Mr. Mungkorn declining to identify the three to be excluded. A 15-day exemption will be introduced for Seychelles, Maldives, and Mauritius, while the visa-on-arrival scheme will be streamlined and reduced from 31 to four countries: Azerbaijan, Belarus, Serbia, and India.

Bilateral agreements remain in place, including 30-day exemptions for China, Hong Kong, Macau, Russia, and Vietnam, among others, and 90-day exemptions for Argentina, Brazil, Chile, Peru, and South Korea.

Thailand, Tourism Industry
Thailand Tourism

The Visa Policy Committee, led by the Ministry of Foreign Affairs, will determine which countries may benefit from eased measures in the future, weighing security and economic factors. Foreign Minister Sihasak Phuangketkaeow said authorities would also review the broader visa framework to assess whether the current number of categories remains necessary.

Foreign tourist arrivals as of May 17th were down 3.3 percent year-on-year at 12.9 million. Arrivals fell 7 percent in 2025 to 33 million, and the National Economic and Social Development Council projects a further decline to 32 million this year.

Visitors already in Thailand or arriving before the new measures take effect will be permitted to remain under their existing visa conditions until their authorized stay expires.

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