Macau’s government is set to conduct a comprehensive review of gaming operators’ implementation of non-gaming investments.
This announcement was made by Secretary for Economy and Finance, Tai Kin Ip, on Friday, following the Macau Legislative Assembly’s approval of the 2024 budget execution report.
During the assembly session, several lawmakers expressed concerns regarding the progress of non-gaming investment plans by gaming concessionaires. In response, Secretary Tai Kin Ip affirmed the government’s commitment to rigorous oversight and stated that a review process has already been initiated to ensure concessionaires adhere to their contractual obligations.
Under Macau’s new gaming concession contracts, the six gaming operators are required to invest a minimum of MOP108.8 billion ($13.6 billion) in non-gaming projects over ten years. As Macau’s gross gaming revenue in 2023 surpassed MOP180 billion ($22.5 billion), the mandated non-gaming investment amount must increase by 20 percent, bringing the total to approximately MOP130.4 billion ($16.3 billion).
Tai Kin Ip highlighted that the government has established a regulatory framework which includes requiring concessionaires to submit an implementation progress report for the previous year by the end of March and present their investment plan for the following year by the end of September. Additionally, independent bodies are engaged to monitor the implementation of investments, and a comprehensive assessment of investment performance is conducted every three years, as stipulated by law.
He emphasized that while non-gaming investments are considered commercial commitments and are not part of public finance, the government will strictly monitor compliance to ensure that enterprises fulfill their social responsibilities. The new Macau SAR administration has already commenced the review process and plans to further enhance regulatory measures to promote moderate economic diversification in Macau.
