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Gaming share of GDP reached 36.2 % in 2023, said Macau Head of Government

Monday 20 de May 2024 / 12:00

2 minutos de lectura

(Macau).- Macau Chief Executive (CE) Ho Iat Seng said yesterday that the gaming industry accounted for 36.2 per cent of the SAR’s gross domestic product (GDP) in 2023, within the economic diversification targets set by the government. Seng was speaking at a press conference where he summarised the 7-day visit of the top Beijing official in charge of Macau and Hong Kong affairs, which concluded on Sunday.

Gaming share of GDP reached 36.2 % in 2023, said Macau Head of Government

Ho indicated that while the gross added value of the gaming industry is set to increase in 2024, the aim is to ensure it does not exceed 40 per cent, in line with the 2024-2028 economic diversification blueprint unveiled last November.

“While the GDP will continue to increase, we hope to keep this share [gaming industry] at around 40 per cent, with non-gaming activities taking 60 per cent,” the Chief Executive said.

Gaming revenue reached a peak of 63 per cent of the city’s economic output between 2011 and 2013, the year gross gaming revenue (GGR) reached a record high of MOP360 billion (US$45 billion). In the last pre-pandemic year of 2019, the share of gaming revenue had decreased to 51 per cent, with GGR standing at MOP292 billion.

After the three-year pandemic hiatus, Macau’s economy recovered last year to 80 per cent of the output recorded in 2019, with GGR reaching MOP183 billion. The latest forecast by the International Monetary Fund predicts a GDP growth rate of 13.9 per cent.

The government estimates that 2024 will see a total GGR of MOP216 billion.

The SAR’s economic diversification plan focuses on the “1+4” strategy, with “1” referring to integrated tourism and leisure and “4” to designated emerging industries: traditional Chinese medicine (TCM) big health, modern financial services, high technology, and convention, exhibition, trade, culture, and sports.

Ho emphasised that the MSAR Government will, in accordance with Xia’s instructions, “make good use of Macau’s six advantages in order to promote the city’s continuous development and polish the ‘golden business card’ of Macau as an international metropolis.”

The CE added that local authorities “will intensify its efforts in developing foreign tourist source markets, in order to attract a greater number of international tourists to Macau”, while striving “to promote the distinctive and unique characteristics of Macau’s integration of Chinese and Western cultural elements, and organise additional large-scale promotional activities.”

The six advantages singled out by Xia Baolong during his visit are: the institutional advantage of the “One country, two systems” principle; sufficient development space; a highly internationalised business environment; a strong economic foundation; a unique blend of Chinese and Western cultural characteristics; and a traditional passion of patriotism and loyalty. 

Xia Baolong is the director of both the Hong Kong and Macao Work Office of the Communist Party of China Central Committee and the State Council’s Hong Kong and Macao Affairs Office.


Tags: Sin tags

País: Macao

Región: Asia


PGS, Perú Gaming Show 2024

12 de June 2024

The impact of AI on marketing campaigns, a featured topic at PGS 2024 conferences

(Lima, SoloAzar Exclusive).- Rony Vexelman, Marketing Manager of Optimove, presented the conference “Maximizing AI, the evolution of roles in iGaming”, within PGS event, held last week in Peru. From SoloAzar we share the highlights of the talk that shows how AI impacts online gaming and sports betting marketing campaigns.

Tuesday 18 Jun 2024 / 12:00

Growth and satisfaction on the latest edition of Peru Gaming Show

(Lima, SoloAzar Exclusive).- Busy halls, a wide range of products and outstanding topics in the conferences are some of the highlights of PGS 2024, which ended yesterday at the Lima Jockey Exhibition Center. Satisfaction on the part of organizers, exhibitors and visitors due to the positive balance of the show.

Friday 14 Jun 2024 / 12:00

The exclusive Zitro Experience Event celebrates growth in Perú

(Lima).- Zitro held its Zitro Experience event on June 12th at the exclusive Villa Cosentino in Lima, Peru. The event was a unique opportunity to network in a relaxed atmosphere, while customers enjoyed a spectacular product presentation, followed by a fantastic musical performance.

Friday 14 Jun 2024 / 12:00


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