Macau’s Secretary for Economy and Finance, Tai Kin Ip, has revealed the city’s revitalization plan for old districts by concessionaires will be transformed into a new model, with preparatory and planning work to be entrusted to Macau’s social associations.
The revitalization plans undertaken by the six Macau concessionaires were formulated by the previous Macao SAR government as part of the concessionaires’ non-gaming investment requirements under the new Gaming Law. The six areas identified for transformation include Lai Chi Vun Shipyard, Rua da Felicidade, the A-Ma area, Inner Harbour Piers 23 and 25, Avenida do Almeida Ribeiro and Rua de Cinco de Outubro, as well as the Iec Long Firecracker Factory – each overseen by one of the six concessionaires.
“Starting this year or next, a new model will be implemented where the government oversees and coordinates, concessionaires invest resources and social associations prepare and plan events,” Tai said.
This, he added, will be a new multi-party collaboration model, aiming to fully leverage the strengths of all parties, coordinate efforts across society and promote sustainable development in the districts.
Tai further noted that the government’s primary responsibilities include overseeing and coordinating the revitalization development plans, facilitating the investment of resources by concessionaires and supporting the establishment of “District Development Centers” to plan and execute specific projects.
Concessionaires should commit resources to revitalizing old districts as promised by the SAR government. Leveraging their unique strengths – such as international resources and promotional capabilities – concessionaires may undertake specific revitalization projects upon SAR Government approval, provided they invest resources accordingly.
Regarding society associations, revitalization will be coordinated through Macau-registered associations establishing “District Development Centers” to mobilize community resources and organize diverse activities.
The original revitalization plan was introduced in 2022, established under Macau’s new gaming concession contracts. Under the contracts, the six gaming concessionaires are required to invest a combined MOP$108.8 billion (US$13.6 billion) in Macau’s non-gaming sector over a 10-year period. As gross gaming revenue exceeded MOP$180 billion in 2023, the investment amount for non-gaming elements increased by 20%, reaching approximately MOP$130.4 billion (US$16.3 billion).
RelatedPosts
