Monday, June 27, 2022

Macau to "spare no effort" in economic diversification


Macau’s chief executive said the government will spare no effort in diversifying the economy during this consolidation period for the gaming industry, by boosting the development of non-gaming elements.

Fernando Chui, speaking at the plenary session of the Legislative Assembly, said the efforts in developing non-gaming elements, such as retail, hotel, construction and financial services, had been achieving positive results, with revenue from these sectors reaching MOP350 billion ($43.8 billion) so far this year.

The government will complete a draft of its mid-term review of the gaming industry by the end of September and expects to finish the whole process by this year.

The review will look at the city’s six gaming concessions which will expire between 2020 and 2022.

Chui said the government was cautiously optimistic on the development of the gaming industry given it has become highly competitive with a large number of personnel trained to support its progress.

He said the government would step up efforts to improve upward mobility of workers and to provide more on-the-job training and opportunities to work in non-gaming positions.

He added that the government has adequate reserves to face the downturn. As of June, the government had MOP349.9 billion in reserves.

 

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