Macau’s Chief Executive Sam Hou Fai delivered his 2026 Policy Address on Tuesday, revealing that the government will review the investment activities of gaming concessionaires over the past three years in accordance with the law and encourage them to establish tourism promotion agencies in major global tourism markets.
The annual Policy Address outlined the Macao SAR Government’s key priorities for 2026, marking the second Policy Address since the Chief Executive’s inauguration. Overall, the policy document itself contains minimal focus on gaming – only 13 characters sections to the industry – although tourism development occupies significant space.
Sam Hou Fai emphasized that the government would promote the lawful, healthy, and orderly development of the gaming industry.
“We will conduct a review of concessionaires’ investment projects and amounts in both gaming and non-gaming sectors from 2023 to 2025, their fulfillment of social responsibilities and compliance with laws and statutory obligations,” he said.
“We will urge concessionaires to fulfill their concession contract commitments, implement gaming and non-gaming investments and expand diversified tourism projects and products.”
Regarding the SAR Government’s emphasis on moderate economic diversification in recent years, the Chief Executive stressed that this is “a mandatory task that must be accelerated and executed effectively”.
He further stated, “The SAR Government will focus on cultivating internationally competitive new industries through enhanced policy support, increased capital investment and optimized business environments, thereby effectively implementing the ‘1+4’ objectives for moderate economic diversification.”
Regarding tourism, Sam Hou Fai stressed promoting the integration of “tourism +” with other industries, focusing on five key areas: “tourism + gastronomy,” “tourism + events,” “tourism + MICE,” “tourism + education” and the “tourism + Big Health Industry.”
He also announced that the government will actively expand international visitor markets, prioritizing Northeast Asia, Southeast Asia and Portuguese-speaking countries, while simultaneously developing Muslim markets.
The government will establish a new overseas economic, trade, tourism and cultural office in Kuala Lumpur, Malaysia, while concurrently conducting site selection and evaluation for new offices in Northeast Asia.
Furthermore, the government will concessionaires to establish tourism promotion offices in major global tourism markets. Leveraging the network of China’s overseas missions, efforts will be made to strengthen and expand overseas tourism promotion.
Macau concessionaires have also been continuously opening overseas offices in recent years. Galaxy Entertainment Group announced in September the opening of a new office in Singapore, while Melco announced in 2023 the establishment of sales offices in the Philippines, Singapore and Cyprus, and more recently an office in Thailand.
The Policy Address did not include a forecast for next year’s gross gaming revenue as had been customary in the past. At his press conference, Sam Hou Fai explained that the government does in fact have projections for 2026 GGR but will continue to adopt a cautious approach.
“Macau’s gross gaming revenue from January to March this year fell short of expectations because it is highly dependent on environmental changes … whether international or regional developments,” he said.
The Chief Executive added that after April, the environment became more stable with improved relations among major global economies, leading to an uptick in GGR.
“I estimate that this year, with both domestic and international environments stabilizing, increased visitor numbers and the upward trend in Hong Kong and mainland stock markets bringing financial stability … this [will lead] to an increase in high-end mass table gamblers,” he stated.
Regarding the 2026 forecast, he used the stock market as an example
“Mainland A-shares performed well this year, and the Hong Kong stock market also performed well. But will next year truly be better? There is significant uncertainty,” he continued.
After originally forecasting GGR of MOP$240 billion (US$29.9 billion) in 2025, the Macao SAR Government earlier this year revised down its forecast to MOP$228 billion (US$28.4 billion) following a subdued start to the year.
However, Macau’s GGR has shown steady improvement since May, reaching a post-COVID high of MOP$24.1 billion (US$3.0 billion) in October – a post-pandemic high.
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Gaming aside, the Chief Executive’s Policy Address devoted considerable time to public administration reforms, with particular attention focused on the consolidation and restructuring of government departments.
Sam Hou Fai also revealed that the government will restructure the Economic and Technology Bureau and the Monetary Authority of Macao, while merging the Cultural Affairs Bureau, the Cultural Development Fund and the Sports Bureau.
