Macau’s casino industry accounted for less than 40 percent of gross domestic product (GDP) in the Chinese special administrative region (SAR) last year.
As Chief Executive Ho Iat Seng noted at a May 19 press conference, that means Macau has ended the “dominance of one industry,” in line with the government’s goal of diversified industrial development.
“According to the official figures to be announced soon, the gaming industry only accounts for about 36 percent of GDP in 2023, with the rest being non-gaming elements,” Ho said.
However, as reported by Asia Gaming Brief, the figure might be “somewhat skewed” by Macau’s three-year Covid shutdown, which didn’t end until January 8, 2023. Last year, gross gaming revenue (GGR) was $22.8 billion, only 62 percent of the $36.5 billion posted in 2019. Even so, Ho said “the data is already comparable,” as 2023 GDP had already reached 80 percent of 2019 levels.
He expects the percentage of GDP contributed by the gaming industry to rise in 2024, “but the government will endeavor to maintain the share at 40 percent or below.”
On orders from the Chinese government, and in the interest of a more diversified and resilient economy, Macau plans to increase the GDP share of non-gaming sectors to 60 percent by 2028.
