The Chief Executive of Macau gave his 2023 Policy Address at the Legislative Assembly on Tuesday, outlining his goal for non-gaming industries to account for 60% of Macau’s GDP in the future.
Explaining his plans for the development of the gaming industry in the short-term, Ho Iat-seng said, “We will strictly monitor the new concessionaires’ compliance with the commitments made in the contract, including the development of non-gaming projects, increasing non-gaming elements and strengthening the development of the overseas visitor market. We will also ensure the healthy development of the gaming industry in accordance with the law.
“We will continue to promote responsible gambling and develop mainly non-gaming activities … in the future, we will strive to achieve a 60% share of GDP from non-gaming activities.”
Gaming made up well over 50% of Macau’s GDP pre-pandemic with the industry employing around 20% of its working population. Gaming taxes of MOP$112.7 billion comprised 86% of all government tax revenue in 2019.
The Chief Executive had stated in the Legislative Assembly on August 19 that “the proportion of gaming in Macau’s GDP should not be less than 40%”.
In addition, among the proposed laws to be tabled in the Legislative Assembly in 2023, the government will submit a proposal to amend the “Law on Combating Unlawful Gambling Offences” although the policy address does not contain details of the items to be amended in the law.
The Government will review the vetting of customers involved in large cash transactions through a concessionaire, starting in the first quarter of next year, and examine the reporting of cash transactions by concessionaires and their junket partners starting in the second quarter, Ho said.
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