Macau Chief Executive Sam Hou Fai stated on Sunday that the government plans to push four major projects over the next 8 to 10 years to drive economic diversification and reduce Macau’s reliance on the gaming industry.

The four major projects include the creation of a MOP12 billion ($1.5 billion) Integrated Cultural and Tourism Zone, which is planned to develop into a landmark cultural hub for the Asia-Pacific region and beyond. Public tenders are expected to open in the second half of this year, with construction anticipated to take two to three years.

Total summation of the costs of the various endeavors, including the above, equates to around $4.75 billion.

The Macau International Airport Expansion Project, with a budget of approximately MOP6 billion ($750 million), has already been approved by the central government and is in progress. This expansion project involves land reclamation to transform the airport into a major international aviation hub on the western bank of the Pearl River.

In addition, a MOP20 billion ($2.5 billion) investment will be made in a new university town in Hengqin. Macau will also build a Technology Research and Development Industrial Park, aiming to establish an internationally attractive R&D environment with comprehensive supporting facilities, designed to draw major domestic and international companies to set up research headquarters and bases.

The statement was made during the “Opportunity Macau” media briefing with 30 media outlets across the country. Sam noted that gaming taxes represented about 80 percent of Macau’s total tax revenue last year, demonstrating the government’s excessive dependence on the gaming sector. By comparison, taxes from all other sectors contributed merely 20 percent, highlighting a significant structural imbalance. 

He emphasized that Macau’s economy has been overly concentrated on a single industry for too long and stressed the urgent need to address this issue by gradually promoting moderate economic diversification—a central goal outlined in his first Policy Address.

Sam Hou Fai reported that Macau’s GDP exceeded MOP400 billion ($50 billion) in 2024, recovering to more than 80 percent of its 2019 level. However, he noted that the city’s economic structure remains fundamentally different from that of a typical economy. He pointed out that in 2000, gaming taxes constituted less than 60 percent of Macau’s tax revenue, but following the sector’s liberalization, this figure climbed dramatically to approximately 80 percent by 2024.

Sam emphasized the critical importance of reducing government dependence on gaming taxes moving forward.

He also highlighted the necessity of enhancing governance, improving the business environment, advancing Hengqin’s development, and strengthening external partnerships, aligning with President Xi Jinping’s directive to pursue moderate economic diversification.

Recent data shows that Macau’s government collected MOP22.2 billion ($2.79 billion) in gaming tax revenue during the first quarter of 2025, accounting for 88.1 percent of Macau’s total tax revenue of MOP25.2 billion ($3.15 billion) for the period.