The Macau government will conduct a comprehensive review of the progress made by the city’s six casino operators on both their gaming and non-gaming investment commitments under their current concession contracts. The announcement was made on Tuesday by Macau’s Chief Executive, Sam Hou Fai, during the presentation of his 2026 Policy Address at the Legislative Assembly.

Officials will evaluate each concessionaire’s investment projects, capital already deployed, fulfilment of social responsibilities, and overall compliance with regulatory and legal obligations. The review will cover the 2023–2025 period and will also ensure operators uphold the pledges made when their present concessions were granted, including the delivery of new gaming facilities and major non-gaming developments.

Mr. Sam highlighted the government’s intention to push operators toward expanding and diversifying Macau’s tourism product, encouraging companies to “develop varied tourism projects and products” aligned with the city’s long-term development goals.

In late 2022, Macau’s six concessionaires committed to investing MOP118.8 billion (US$14.8 billion) across their 10-year concession terms from 2023 to 2032. Of this amount, MOP108.7 billion was earmarked for overseas market development and non-gaming initiatives—ten times the aggregate MOP10.1 billion allocated to gaming-related investments.

The total investment obligation increased by 20 percent after the city’s full-year 2023 gross gaming revenue (GGR) surpassed the threshold of MOP180 billion, triggering higher mandatory spend under the concession terms.

During his policy address, Mr. Sam reiterated Macau’s long-standing commitment to economic diversification, emphasizing policies designed to strengthen non-gaming sectors and elevate Macau’s position as a multi-dimensional tourism destination.

At a subsequent press conference, he declined to provide an official 2026 GGR forecast, stating that the matter would be addressed by the Secretary for Economy and Finance, Tai Kin Yip. Casino gaming taxes remain Macau’s largest source of government revenue.

Earlier this year, the government lowered its 2025 GGR forecast by approximately 5 percent—from MOP240 billion to MOP228 billion—following weaker-than-expected gaming performance between November 2024 and April 2025. Projected government revenue from gaming taxes now stands at nearly MOP88.56 billion for the year.

Market-wide GGR for the first ten months of the year reached MOP205.43 billion, up 8 percent year-on-year, according to figures released by the Gaming Inspection and Coordination Bureau.

Mr. Sam noted that Macau’s casino sector remains “highly dependent” on external economic conditions. While GGR has “improved” since April due to stabilizing international trade relations and stronger visitation trends, he raised concerns about whether this momentum would continue into 2026.