Macau’s chief executive says the government will focus its diversification efforts on four key sectors.<\/p>\n\n\n\n\n\n\n\n
Macau.- Ho Iat Seng<\/strong>, Macau\u2019s chief executive, has said that one of his administration’s main goals is to ensure that non-gaming accounts for 60 per cent of Macau\u2019s GDP<\/strong> in the future. During his policy speech for 2023 <\/strong>at the Legislative Assembly, he emphasised the government\u2019s promotion of the healthcare, finance, technology and sports and culture sectors.<\/p>\n\n\n\n Ho Iat Seng said the government will focus its diversification efforts on these four sectors, with each to account for at least 15 per cent of the city\u2019s GDP. He added that Macau’s economic transformation would take time and hard work and stressed that the city must innovate. <\/p>\n\n\n\n Macau casino operators have reportedly been told to invest up to US$12.4bn over 10 years<\/a> in non-gaming initiatives. Nevertheless, Ho Iat Seng said that the gaming industry would continue to be important to the city.<\/p>\n\n\n\n Despite the industry being hugely impacted by the Covid-19 pandemic for almost three years, the chief executive expressed confidence in its future prospects<\/strong> and urged the public not to believe negative media reports.<\/p>\n\n\n\n He said: \u201cGaming is always the main source of our economy, and it once made up for more than 60 per cent, about 60 per cent to 79 per cent of the city\u2019s GDP. This figure is adjustable.”<\/p>\n\n\n\n Macau\u2019s GDP<\/a> rose by 18<\/strong> per cent year-on-year in 2021. For the full-year 2020<\/a>, the economy had shrunk by 56.3 per cent in real terms. Gross gaming revenue for the first ten months of 2022 <\/strong>combined stands at MOP35.72bn, down 50.5 per cent year-on-year.<\/p>\n","protected":false},"excerpt":{"rendered":" Macau’s chief executive says the government will focus its diversification efforts on four key sectors.<\/p>\n","protected":false},"author":176,"featured_media":21776,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Macau's Chief Executive, Ho Iat Seng, announced a strategic economic diversification plan aiming for non-gaming sectors (healthcare, finance, technology, sports, culture) to constitute 60% of GDP, with each contributing at least 15%. While acknowledging the gaming industry's continued importance, casino operators are mandated to invest US$12.4bn in non-gaming initiatives over a decade, signaling a significant shift in the region's economic model.","focusai_entities":"Ho Iat Seng, Legislative Assembly","focusai_location":"Macau","focusai_target_profile":"ceo_executive (0.9), regulator (0.9), compliance_legal (0.7), operator_casino (1.0), investor_analyst (1.0), supplier_vendor (0.8), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Non-Gaming Investment ROI?","query":"What specific governance frameworks and incentive structures will Macau implement to ensure a viable return on the mandated US$12.4bn non-gaming investment for concessionaires?"},{"label":"Regulatory Framework Evolution?","query":"How will the regulatory and licensing frameworks for the identified non-gaming verticals (healthcare, finance, technology, sports, culture) be developed to attract and support these new industries?"}],"footnotes":""},"categories":[157,16338,158],"tags":[23907,23906],"class_list":["post-35521","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","category-slider-home","tag-land-based-casino","tag-macau-casinos"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/35521","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=35521"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/35521\/revisions"}],"predecessor-version":[{"id":35552,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/35521\/revisions\/35552"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/21776"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=35521"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=35521"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=35521"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}