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Analysis

Macau needs to diversify economy

Thursday 25 de May 2023 / 12:00

2 minutos de lectura

(Hong Kong).- Macau, the world's biggest legal gambling hub, needs to diversify its economy and make greater efforts to safeguard national security, the Macau government quoted a top Chinese official as saying.

Macau needs to diversify economy

The directives were part of six requirements laid out by Xia Baolong, the director of China's Hong Kong and Macau Affairs Office, who is currently visting Macau for four days.

Macau, a densely packed territory on China's southern coast, is the only place in the country where gambling in casinos is legal.

Xia's other requirements are implementing the "one country, two systems" principle that Macau and Hong Kong are both governed under, strengthening national pride, greater integration with neighbouring Chinese island Hengqin and improving overall governance.

Casino operators Sands China (1928.HK), Wynn Macau (1128.HK), Galaxy Entertainment (0027.HK), SJM Holdings (0880.HK), Melco Resorts and MGM China (2282.HK) have faced increased regulatory oversight and are mandated to invest more in non-gaming amenities to diversify away from gambling.

Casinos have committed to investing a combined $15 billion in the coming decade, 90% of which must be spent on non-gaming.

Macau will "fully, accurately and unswervingly implement the new concepts, new ideas and new strategies put forward by President Xi Jinping," Macau's government said.

By Farah Master and Twinnie Siu; Editing by Edwina Gibbs

Categoría:Analysis

Tags: Sin tags

País: Macao

Región: Asia

Event

GAT EXPO CARTAGENA 2025

28 de April 2025

Payphone and its First Experience at GAT Expo Cartagena: Expansion and Connections Key to the Future

(Cartagena, Exclusivo SoloAzar).- Paola Murillo, Business Development Manager at Payphone, talked with SoloAzar about the company experience at GAT Expo Cartagena. The company aims to interact with regulatory authorities to drive its expansion in Latin America and the Caribbean. How does the firm plan to have more presence in these strategic markets? Read more in the following Q&A.

Friday 09 May 2025 / 12:00

21Viral Elevates Its Presence at GAT Expo Cartagena: Innovation, Networking & Business Expansion

(Cartagena, SoloAzar Exclusive).- In a Q&A with SoloAzar, Luz Beatriz Jaramillo Serna, 21Viral Sales Manager Latam, emphasizes the importance of regulatory interactions and networking for business growth. Discover the key takeaways from this exclusive interview!

Friday 09 May 2025 / 12:00

GAT Expo Cartagena 2025 reaffirms its leadership in the gaming sector in Latin America

(Cartagena, SoloAzar Exclusive).- With record attendance, strategic alliances, and a high-level academic agenda, GAT Expo Cartagena is driving innovation and industry growth in the region. In conversation with SoloAzar, CEO José Aníbal Aguirre discusses the highlights and upcoming GAT events in Latin America for the rest of the year.

Thursday 08 May 2025 / 12:00

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