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Newly elected member of Macau’s Legislative Assembly Agnes Lam says diversification of the gaming and tourist industries is essential to balance the economy and provide greater career choice for locals.
Discussing her policy priorities with Inside Asian Gaming this week, Ms Lam credited the gaming industry for its contribution to Macau’s economy – particularly in regards to employment – but said it was vital that the city’s next generation enjoyed a broader range of career options.
“The gaming industry is like a black hole … because they pay better money, the jobs are more exciting and they basically attract all the talent into the industry,” she said.
“If we don’t have talent in other industries then we can’t really develop that industry and then we need to rely solely on gaming.
“I think we need to kind of balance the economy a bit. I did some research before in the UK and Australia – in those places their cultural industry counts for 5% of their GDP.
“That would be very good [for Macau] if we have 5% of GDP coming from cultural industries. It would mean a lot of people could work in other industries as well.”
Asked if it was feasible for Macau to follow the lead of Las Vegas, where more than 60% of operator revenue is derived from non-gaming amenities, Ms Lam said, “We just need to make it feasible. We have no other choice.”
A report by financial services firm Morgan Stanley published earlier this week estimated Macau’s non-gaming revenue at 8.5% of total GGR, edging slightly upwards to 10% by 2020.
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