Macau limits gambling’s GDP share for diversified Economy

Macau limits gambling’s GDP share for diversified Economy

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Macau limits gambling’s GDP share for diversified Economy

According to information recently released by Macau’s Chief Executive, Ho Iat Seng, the gaming sector accounts for 36.2% of Macau’s GDP in 2023. 

This resonates with the government’s effort of diversifying the economic base. Once a Beijing official had landed, he emphasized the importance of ensuring that the contribution of the gambling sector to GDP does not exceed 40%; thereby ensuring economic stability is maintained. This strategy is a component of Macau’s 2024–2028 economic plan announced in November.

New 10-year contracts began on January 1, 2023 requiring six Macau casino operators to turn their attention to attracting foreign visitors and non-gaming attractions.He also shared suggestions on attracting more tourists like promoting Macau’s distinctive mix of Western and Chinese influences as well as hosting promotional events.

Moreover, the government plans to improve other areas like conferences, exhibitions, entertainment and sports to turn Macau into a city of performing arts and sports and make it known to the world as a lively tourist destination.

After a pandemic-related downturn, Macau’s economy rebounded to eighty percent of its 2019 level by the previous year, with casino earnings of over $22.9 billion. The International Monetary Fund (IMF) estimates that Macau’s economy would expand by 13.9% in 2024 and that the city will generate twenty-seven billion dollars in gaming income during that time.

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