The Macau SAR Government said Friday it expects to increase the contribution of non-gaming industries to Gross Domestic Product (GDP) to 60% by 2028, meaning gaming will fall to 40%. Non-gaming employment would be maintained at 80%.
On a day in which it outlined its comprehensive “Development plan for the appropriate diversification of the economy (2024 – 2028)”, the GDP issue highlighted the government’s determination to reduce reliance upon the gaming industry. Gaming contributed 50.9% to GDP in 2019 although that figure dropped to 25.8% in 2022 with the pandemic significantly impacting leisure and tourism businesses.
According to the latest government employment data (April to June), there are 68,500 gaming employees in Macau, accounting for 18.9% of total employment. Government revenue from games of fortune in 2019 was MOP$98.22 billion (US$12.2 billion), accounting for 80% of all government revenue.
The government also expects international visitor arrivals and overnight visitors to return to 2019 levels by 2028, while tertiary education programs related to integrated tourism and leisure are predicted to increase from 40 to 50.
MICE space will grow from 240,000 square meters currently to 260,000 square meters and the number of MICE events from 2,000 to 2,500 by 2028, it added.
“The Government will strive to develop non-gaming activities and enhance the development of the international visitor market,” the development plan states.
“Through promoting responsible gaming, strengthening supervision and enforcement, and continuously improving the legal system of the gaming industry, the Government will enhance the international competitiveness of the gaming industry.”
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