Macau Chief Executive Ho Iat Seng announced on Sunday that Macau’s gaming industry accounted for 36.2 percent of the Special Administrative Region’s (SAR) gross domestic product (GDP) in 2023, a figure aligning with the government’s economic diversification targets.
Speaking at a press conference following the seven-day visit of the top Beijing official overseeing Macau and Hong Kong affairs, Ho emphasized the importance of maintaining a balanced economic structure.
Ho noted that while the gaming industry’s gross added value is expected to rise in 2024, the goal is to keep its contribution below 40 percent, consistent with the 2024-2028 economic diversification blueprint unveiled last November.
The new gaming concession contracts for the next ten years came into force on January 1, 2023 and require the six operators in the SAR to significantly reinforce their focus on non-gaming elements and attracting foreign visitors.
Ho outlined the government’s strategy to attract more international tourists by intensifying efforts in developing foreign tourist markets. The plan includes promoting Macau’s unique blend of Chinese and Western cultural elements and organizing large-scale promotional activities.
The government also aims to boost non-gaming sectors such as the conference and exhibition industry, the entertainment industry, and other elements of the “tourism+” strategy.
Efforts will focus on transforming Macau into a “city of performing arts” and a “city of sports,” enhancing its reputation as a vibrant international metropolis.
Macau’s economy rebounded to 80 percent of its 2019 output last year, following a three-year pandemic-induced hiatus, with gross gaming revenue (GGR) reaching MOP183 billion ($22.9 billion).
The International Monetary Fund (IMF) forecasts a 13.9 percent GDP growth rate for Macau in 2024, with the government projecting a total GGR of MOP216 billion ($27 billion) for the year.
