China urges Macau to continue to diversify economy

Macau has already taken measures to diversify.
Macau has already taken measures to diversify.

China is encouraging Macau to reduce its reliance on casinos.

Macau.- China’s top official for Macau affairs, Xia Baolong, visited the city on Monday (May 22) and urged Macau to continue to diversify its economy. He said the city’s reliance on casinos remains a major risk to its long-term prosperity and called on Macau officials to “do more” to promote economic diversification. He suggested developing tourism, manufacturing, and finance.

As reported by Asian Gaming Brief, Xia Baolong expressed hopes that Macau would enhance its economic resilience and bolster its capacity to withstand potential risks. He applauded efforts to strengthen regulatory measures for the gaming industry, highlighting initiatives such as the revision of gaming legislation, the introduction of new gaming concessions, and the use of legal mechanisms to facilitate the industry’s healthy development.

Macau’s GGR was up 15.6 per cent month-on-month in April, from MOP12.73bn to MOP14.72bn (US$1.83bn). The figure was up 449.9 per cent when compared to last year, and April was the best month since January 2020, before the Covid-19 pandemic began.

See also: Macau GGR to surpass 2023 target, analysts say

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