Macau’s six gaming operators have submitted detailed plans to revitalize the city’s older quarters, which Macau’s government has approved, with a total of six old zones to be revamped by gaming operators.
The news was shared by Macau’s top official, Chief Executive Ho Iat Seng, during a press conference last week. According to the authorities’ description, the old district revitalization plan goes above and beyond concessionaires’ scope of corporate social responsibility.
Ho admits that old district revitalization couldn’t rely solely on the government and requires the knowledge of the private sector, noting that “gaming operators know tourists better”.
In this case, due to a lack of vision of the whole tourism market of Macau, the government’s efforts to renew the old zones of Macau may fail. Ho shows confidence in Macau gaming companies, saying they will inject commercial elements into the old town and let the old city and Cotai Strip be developed simultaneously.
He also pledges that Macau’s government will cooperate with the publicity, supporting the development of small and small and medium-sized enterprises (SMEs).
Xia Baolong, the director of the Hong Kong and Macau Affairs Office of the State Council, visited Macau last week. Upon Xia’s departure, Ho Iat Seng revealed that Xia expressed concern about Macau’s non-gaming development, as he visited two gaming companies.
Ho stresses that “non-gaming is Macau’s future path”, as Xia called for Macau officials to “do more” on pushing economic diversification” because the Chinese central government believes that the avenue is the only road to keep Macau’s prosperity.
Ho has recognized the efforts of gaming operators on non-gaming, saying that the successful concerts held in Macau attracted a lot of tourists, which reflects the opportunities brought by cultural activities.
Macau’s Galaxy Macau held two concerts of Korean pop band Blackpink on May 20th, and 21st, which significantly boosted Macau’s tourist arrivals and other non-gaming spend.
Under Macau’s new 10-year concessions, the Macau government has mandated that gaming operators invest more in non-gaming facilities. All six concessionaires indicate they will be focusing on having more MICE, entertainment, and sports-related activities organized in Macau.
In total, the six gaming operators have pledged to invest MOP118.8 billion ($14.8 billion) over the next 10 years, setting a goal to build up “a new economic system” for Macau.
