The Chief Executive of Macau, Ho Iat Seng, told the Legislative Assembly on Wednesday that the non-gaming investment programs of Macau’s six concessionaires would not be effective immediately, and appealed to the community to give them time to do so.
During a question-and-answer session on the government’s 2024 Policy Address held at the Macau Legislative Assembly on Wednesday, Councilor Ron Lam asked about the status of the non-gaming investment plans of the concessionaires.
In response, Ho Iat said, “The revitalization of old districts and other non-gaming investment projects of the grantee companies need to be tried and tested.
“The investment programs will not be successful in a few months, the whole program will take up to 10 years.”
The Chief Executive added that each program would require constant adjustments and that many of the investments would be new endeavors.
“Neither the government nor the concessionaires has ever tried these projects before, and if no one has tried them before, we might as well give them a year or two to try them out … concerts, sea tours and so on,” he said.
“Why did [Korean girl group] BLACKPINK come to Macau? Why did the [Hong Kong group] Four Heavenly Kings come to Macau? It’s because concessionaires have to try, and they have to find out which way is more suitable for Macau.
“It’s impossible to make changes in one year, it’s not realistic, so we have to let the grantees try. Madame Curie had to try many times before she succeeded.”
Ho added, “There are not many companies in Macau that can co-ordinate a shopping center, but [the concessionaires] do, and they know what will attract people. As investors, they have to wait and see what happens, and they need time to keep an eye on the market.
“We are now letting them try boldly, because we won’t know the result until we try.”
Macau’s concessionaires have pledged to invest a combined MOP$108.8 billion in non-gaming projects over their 10-year concession period, covering sectors such as sports, cultural performances, marine tourism and revitalization of old districts. The revitalization plans of all six concessionaires have already been announced to the public and most are now underway.
Speaking at MGS Summit on Tuesday, MGM China President and COO, Hubert Wang said, “I think the [non-gaming] investment [in Macau] is affected by the ‘Pareto principle’ where only 20% of the investment will produce 80% of the impact. We are always looking for that 20% in our investments.”
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