Sam Hou Fai, Macau’s Chief Executive, is spearheading a series of non-gaming projects aimed at fortifying the local economy and reducing its heavy reliance on gaming revenues.
As of 2024, gaming accounts for approximately 80% of Macau’s tax revenue, a dependence that Mr. Fai deems unsustainable amid rising industry competition.
Macau Business reports that this strategy involves a MOP38.2bn (US$4.75bn) investment in the Greater Bay Area, encompassing Macau, Hong Kong and nine cities within Guangdong Province.
Gaming operators, under renewed 2023 concessions, are expected to contribute to these enhancements, slated for completion within the next 8-10 years.
Proposed developments include a MOP20bn investment in the Macau-Hengqin International Education University Town and a MOP12bn Integrated Cultural & Tourism Zone featuring a National Museum, International Arts Centre and International Exhibition Centre to underscore Macau’s unique blend of Portuguese and Chinese cultures.
A MOP6bn expansion of Macau International Airport aims to boost annual passenger capacity to 15m by 2030, while the establishment of a Macau Technology R&D Industrial Park seeks to attract international research and development initiatives.
Sam Hou Fai acknowledges that recent US-China trade tensions, though indirectly affecting Macau, could impact tourism and gaming revenues, saying: “Macau cannot remain unscathed as competition in tourism and gaming from neighbouring cities intensifies.”
