On Nov. 19, in his final address as Macau chief executive, Ho Iat Seng said the city’s economy “is steadily recovering” in the aftermath of Covid-19, with a healthy balance of gaming and non-gaming industries, according to Macao News.
Ho championed a “1+4” strategy for economic development—emphasizing tourism while building healthcare, finance, technology and special events. The government’s goal, he said, is not to “to compress the gaming industry; rather, we’re trying to grow the pie” by expanding other sectors.
Ho took office in August 2019, mere months before the onset of Covid. The Chinese special administrative region (SAR) closed to travel for almost three years, and didn’t fully reopen until January 2023. Tourism plummeted along with gross gaming revenue.
The ”4+1” approach will reduce the city’s dependence on a single industry. Pre-pandemic, gaming contributed more than half of Macau’s gross domestic product and generated 80 percent of local tax revenue. This year, Ho predicted, GGR will contribute 40 percent of GDP, with other industries contributing 60 percent.
Ho said it was “a great honor” to serve as chief executive during one of Macau’s most challenging periods. He will hand the reins to former judge Sam Hou Fai in December.
