Gaming industry accounts for 36% of GDP in 2023

The gaming industry accounted for 36.2% of Macau’s gross domestic product in 2023, meeting economic diversification targets, according to Chief Executive Ho Iat Seng, speaking at a press conference yesterday.

Summing up a weeklong visit by Beijing official Xia Baolong, Ho said gaming industry value is projected to rise in 2024 but remain below 40% of GDP as per Macau’s 2024-2028 blueprint.

“While GDP will continue increasing, we hope to keep this share at around 40%, with non-gaming activities at 60%,” Ho said.

Gaming peaked at 63% of economic output from 2011-2013 when gross gaming revenue hit a record MOP360 billion.

In 2019, the last pre-pandemic year, gaming fell to 51% of MOP292 billion in revenue.

After three pandemic-affected years, Macau’s economy recovered to 80% of 2019 output last year as gaming hit MOP183 billion.

The IMF has forecast 13.9% GDP growth in 2024 with a projected MOP216 billion in gaming revenue.

The diversification plan focuses on integrated tourism and four “emerging industries:” traditional Chinese medicine, finance, technology and convention/culture/sports.

Ho said Macau will “make good use of its six advantages to promote continuous development” as the “golden business card” of an international metropolis, as per Xia’s instructions.