MACAU is postponing the launch of its economic diversification plan after proposals from resort operators failed to meet requirements, according to reports.
Integrated resort operators agreed to diversify the bulk of their product away from gaming as a condition of casino licences being renewed. The pledge came last December with the Macau government seeking to broaden its economy to include sectors such as technology, health, finance, culture and business events.
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Under the renewed 10-year gaming concessions, casino operators agreed to spend more than US$13 billion on non-gaming activities and attracting international tourists. The “Big 6” gaming resorts have also been involved in plans to revitalise Macau’s older districts.
Proposals from the resort operators were submitted to the government in March, but Asia Gaming Brief reported that officials were disappointed. The plans were due to be released in June after previously being delayed.
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Officials have requested another meeting with representatives of the six gaming operators in August. “The government is not satisfied. They are asking for detailed plans and also requesting execution plans for each project,” AGB quoted the source as saying.
Macau has adopted a policy of becoming a international tourism and leisure hub through economic diversification with developments on the neighbouring island of Hengqin playing a vital role.
Main image: Hengqin island (right), Macau and the HZMB sea and tunnel connection linking the Greater Bay Area viewed from Zhuhai. Hengqin is playing a pivotal role in Macau’s economic diversification
