The Secretary for Economy and Finance, Tai Kin Ip, emphasized during a recent meeting at the Legislative Assembly that the government will continue to oversee operators’ compliance with their contractual obligations, including the execution of non-gaming investments.
These investments are a key component of the new 10-year concessions granted to the city’s six casino operators, which began in January 2023.
As part of the agreements, the casino firms pledged substantial investments to diversify Macau’s economy, focusing on non-gaming sectors such as tourism, entertainment, and cultural initiatives.
According to the contracts, each operator is required to submit detailed annual execution proposals outlining the planned projects, funding allocations, and timelines.
For Tai, it is the government’s role to ensure that these non-gaming investments are progressing as agreed and that operators are fulfilling their promises.
He also noted that an in-depth review of each operator’s performance would be conducted every three years.
Lawmakers at the meeting raised concerns about the pace of these investments, prompting the Secretary to stress that the government would provide rigorous oversight to ensure compliance with the terms of the contracts.
The total non-gaming investment pledged by the operators amounts to MOP108.7 billion. However, this figure has since been increased by 20%, following the positive performance of Macau’s gaming revenue in 2023, which exceeded the projected MOP180 billion mark.
Each casino operator is now required to submit an annual report detailing the specific projects planned for the year ahead.
These proposals must be submitted at least three months before the start of the new calendar year. The government will also require progress reports every two months, and operators are expected to submit a report on the execution of the previous year’s proposal by March 31 each year.
Reports submitted by the casino operators have not been made public.
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