Gov’t reviewing casino ops’ 2024 plans

The city’s six gaming operators have submitted their work plans for the upcoming year, and the government is scheduled to review them within the next 60 days.

Secretary for Economy and Finance, Lei Wai Nong, speaking yesterday at a press conference on the city’s diversification plan, revealed that the government requires the ‘big six’ gaming operators to submit monthly and quarterly reports. There are currently no delays in this process as yet.

In December of 2022, the six gaming operators renewed their concession contracts for the next 10 years, pledging their commitment to the diversification of the local economy with an investment of over MOP100 billion. Additionally, Macau government’s contracts with the six gaming concessionaires stipulated that an additional 20% of their pledge in non-gaming investment will be required if gaming revenues reach MOP180 billion this year.

As of October, the city’s gaming revenues already surpassed the government’s initial expectation of MOP130 billion, reaching MOP148.45 billion.

Earlier this year, Fitch Ratings noted that it expects the “diversification into non-gaming industries to remain slow. Human capital constraints and skill gaps pose a key challenge for Macau to substantially reduce its high dependence on the gaming industry.”

Lei also confirmed that the casino operators’ promised investments in non-gaming elements are being fulfilled.

The plan for this year was submitted and approved in March and is currently progressing in an organized manner, the official said. LV