Macau’s outgoing Chief Executive, Ho Iat Seng, says that “the city is no longer dominated by the gaming industry.”
His remarks to the Global Times were made in an interview marking the 25th anniversary of the establishment of the Macau Special Administrative Region (SAR), which will be celebrated on December 20th.
Ho explained that while many still associate Macau’s GDP with the gaming sector, the reality is different. In 2023, gaming revenue had recovered to approximately 75 percent of its 2019 levels, but its share of Macau’s GDP stood at just 37.2 percent—slightly more than a third. This reflects the increasing diversification of Macau’s economy, as other industries gradually contribute a larger portion to the city’s economic structure.
Looking ahead, the government has outlined a goal to boost the share of non-gaming value-added sectors to around 60 percent by 2028. Ho noted that, due to historical factors, the city’s economy has long been focused on gaming. However, with changing times, Macau recognizes the need to develop a more diversified economy to meet future challenges.
Ho said that since taking 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.”
The Chief Executive noted that a key driver of this shift has been the recognition of the vulnerabilities of a single-sector economy, particularly in the face of uncertainties like the COVID-19 pandemic. As a result, Macau has been actively fostering the growth of non-gaming industries.
In the interview, which was widely reported on Wednesday by various national media outlets, Ho mentioned that over the past 25 years, Macau has made significant strides in developing a “tourism-plus” integrated industry. He highlighted that tourism, for example, plays a key role in showcasing the city’s unique blend of Chinese and Western cultures, as well as its rich culinary heritage.
Macau has also made substantial progress in establishing itself as a cultural capital, promoting the performing arts industry, which has seen notable growth. Increased ticket sales have boosted the prosperity of the performing arts sector, with positive spillover effects on related industries such as retail, dining, and hospitality. In the past two years, Macau’s performing arts scene has flourished, attracting international artists eager to perform in the city.
However, Ho pointed out that Macau’s limited number of venues remains a challenge. The largest indoor arena can only accommodate 16,000 people. To address this, the Macau SAR government has built an outdoor performance venue with a capacity of 50,000 to 80,000 people, which was launched last week, with the first concert scheduled for December 28th.
