Macau gaming regulator to adjust scope of operators’ non-gaming investments

jul26

Macau’s expanding non-gaming offering may be broadening the visitor experience without fundamentally reducing the economy’s reliance on casinos, as entertainment, hotels and events continue to support the integrated resort model, according to a new academic study.

The study, published in the first 2026 issue of Global Gaming & Tourism Research, examines the development of Macau’s gaming industry since the concession market opened in 2002.

Researchers Zhong Yun and Hu Zhouqin of Jinan University said gaming liberalization drove the construction of integrated resorts and supported the expansion of hotels, retail, restaurants and entertainment. This created what the study describes as a vertical extension of the tourism value chain, alongside broader development in areas such as conventions, culture and sports.

However, the researchers argue that the underlying business model remains centered on gaming. Non-gaming facilities still ‘mainly serve as supplements’ that strengthen the appeal of core casino operations, improve overall margins, stabilize revenue and extend visitor stays.

As Macau’s six concessionaires invest in entertainment, MICE, sports, culture, health and wellness, gastronomy and overseas markets under their current gaming contracts, a key question is whether these projects can generate independent non-gaming revenue or will primarily support casino operations.

Non-gaming as a demand engine

The latest available Tourism Satellite Account, covering 2024, provides a more recent test of the study’s argument.

According to the Statistics and Census Service, Macau’s tourism receipts increased by 13.3 percent year-on-year to MOP293.82 billion ($36.4 billion).

Gaming tourism receipts rose by 22.7 percent to MOP179.84 billion ($22.3 billion), while non-gaming receipts increased by only 1.1 percent to MOP113.99 billion ($14.1 billion). Gaming consequently increased its share of tourism receipts from 56.5 percent in 2023 to 61.2 percent in 2024.

The difference was sharper in tourism direct gross value added, which measures the value generated by visitor activity after intermediate consumption is deducted. Gaming represented 81.6 percent of the total in 2024, up from 78.5 percent a year earlier.

Gaming value added grew by 22.7 percent, compared with growth of just 0.7 percent across non-gaming tourism industries.

The figures do not establish that non-gaming investment has failed. They indicate, however, that gaming captured most of the incremental value generated during the 2024 tourism recovery.

The study also recognizes that Macau’s tourism appeal is changing. Cultural heritage, major events, entertainment and sports are gradually dispersing gaming’s position as the ‘only focus of experience’.

For integrated resorts, however, a concert or sporting event does not need to generate a high standalone margin if it raises hotel occupancy, extends stays or attracts premium-mass customers. Non-gaming can therefore diversify the customer journey while remaining economically tied to casino performance.

Revenue diversification test

The six concessionaires initially committed MOP108.7 billion ($13.5 billion) to non-gaming projects and overseas market development during the 2023–2032 concession period.

Their contracts required a 20 percent increase after market-wide gross gaming revenue exceeded MOP180 billion ($22.3 billion) in 2023, taking the combined non-gaming commitment to approximately MOP130.4 billion ($16.2 billion).

The study argues that long-term reliance on gaming has produced ‘deep path dependence’ across Macau’s fiscal revenue, labor structure and industrial ecosystem. Its findings suggest that adding attractions around the casino industry is not necessarily the same as creating industries capable of growing independently from it.

For Macau, product diversification is already visible. The harder test is whether revenue diversification follows—and whether non-gaming growth can extend beyond the properties, balance sheets and customer databases of the six casino concessionaires.

https://agbrief.com/intel/deep-dive/28/07/2026/macaus-non-gaming-expansion-strengthens-casino-ecosystem-study/?utm_source=Asia+Gaming+Brief&utm_campaign=60625cc58f-AGB%3A+%2302436+Wednesday%2C+29th+July%2C+2026&utm_medium=email&utm_term=0_51950b5d21-60625cc58f-%5BLIST_EMAIL_ID%5D&ct=t%28AGB%3A+%2302436+Wednesday%2C+29th+July%2C+2026%29&goal=0_51950b5d21-60625cc58f-%5BLIST_EMAIL_ID%5D&mc_cid=60625cc58f&mc_eid=31e20475e6

may26

“More profitable, more non-gaming efforts,” says MGM China CEO

By Tony Lai

Macau’s casino operators have to strike a balance between financial performance and their non-gaming commitments as they seek to help broaden the city’s economy beyond gambling, said Kenneth Feng, chief executive officer and executive director of MGM China Holdings.

Feng made the remarks during a panel on the Asian gaming market on the opening day of Global Gaming Expo (G2E) Asia, the region’s annual casino trade show and conference held at the Venetian Macao from Tuesday to Thursday.

He was joined by panellists including Walter Power, chief executive officer of Vietnam’s Grand Ho Tram Resort, and Gregory Hawkins, president and chief operating officer of Bloomberry Resorts Corp, operator of the Philippines’ Solaire Resort.

With Beijing pushing Macau to diversify away from gaming, Feng said the city’s six gaming concessionaires have been “working very hard” over the past three to four years to expand non-gaming offerings.

“Some are effective, [and] some are not that effective, but at least the goal is there. We want to do that,” he remarked.

Since the start of their new 10-year concessions in 2023, the six operators have committed to invest MOP108.7 billion (US$13.47 billion) in non-gaming initiatives from 2023 to 2032. The requirement increased by 20 per cent to more than MOP130.4 billion after gross gaming revenue surpassed a pre-set threshold of MOP180 billion in 2023.

“In order to do more non-gaming efforts, we need to be more profitable,” he said. “It’s becoming a balance game.”

https://macaubusiness.com/more-profitable-more-non-gaming-efforts-says-mgm-china-ceo/

ab26

Non-gaming added value edges past 2019 level while share dwindles

By Aries Un

Macau’s non-gaming growth has survived the post-covid return of a dominant gaming industry, with emerging industries contributing 9.3 per cent to the city’s added value in 2024.

According to a Tuesday summary report on the city’s 2021-2025 plan for economic and social development, the 9.3 percent contribution was up by 1.1 percentage points from the 2019 level.

This metric, which tracks the share of nascent industries relative to the domestic economy as a whole, rose from 8.2 per cent to as high as 14.3 per cent in 2020, when the covid-19 pandemic began to squeeze visitation to Macau.

During the first year of the covid onslaught, Macau’s gross gaming revenue suffered a year-over-year loss of 79.3 per cent to land at MOP60.44 billion (US$7.49 billion).

Gross gaming revenue for 2021 rebounded by 43.7 per cent to MOP86.86 billion. However, it plummeted by 51.4 per cent to nearly MOP42.2 billion the following year.

According to information from the summary, during this period, the share of added value from non-gaming drivers continued its upward trajectory in the absence of visitors, peaking in 2022 at 18.6 per cent.

As soon as Macau reopened its borders unrestricted in 2023, the ratio of non-gaming contributions to the city’s entire economy fell to 11.7 per cent, before dropping further to 9.3 per cent in 2024.

Missing puzzle piece

However, the 2025 figure is absent from the government-compiled recap, with no explanation provided for the omission. This gap makes it difficult to gauge whether the trend sustained through last year.

Ultimately, the 2025 reading would need to exceed the 2019 baseline of 8.2 per cent to signify a three-year expansion of the non-gaming sector in terms of added value — albeit at a pace that remains overshadowed by the post-covid resurgence of the city’s traditional gaming engine.

Despite this statistical blind spot, the summary released on Tuesday highlighted a robust recovery in the labour market. Macau’s overall unemployment rate hit a six-year low of 1.9 per cent in 2025.

Meanwhile, employees in the territory earned a median monthly income of MOP18,000 that year, a 20 percent leap from 2020 when covid first hit.

https://macaubusiness.com/non-gaming-added-value-edges-past-2019-level-while-share-dwindles/

 mar26

Macau’s gaming regulator said it will fine-tune the scope of non-gaming investments by casino operators this year, aiming to better align such projects with the city’s economic diversification goals.

In a written response to legislator Si Ka Lon, the Gaming Inspection and Coordination Bureau (DICJ) said the Macau SAR government plans to guide gaming concessionaires to concentrate resources on initiatives that generate economic and social benefits while enhancing Macau’s international image.

‘After reviewing past non-gaming investment performance, the government will strengthen guidance for concessionaires to focus resources on projects with economic and social value and those that help enhance Macau’s brand image,’ the regulator said. As a result, ‘the scope of non-gaming investment will be fine-tuned.’

However, the bureau emphasized that the approval standards for non-gaming projects will remain unchanged, noting that investments must continue to support Macau’s development as a ‘world center of tourism and leisure’ while promoting moderate economic diversification and sustainable development.

The response followed questions raised by the lawmaker regarding the progress and effectiveness of casino operators’ non-gaming investment commitments under Macau’s new gaming concessions.

Under the current 10-year concession contracts signed at the end of 2022, Macau’s six gaming concessionaires pledged to invest approximately MOP108.7 billion ($13.5 billion) in non-gaming projects, covering areas such as conventions and exhibitions (MICE), cultural and entertainment activities, sports, and health-related industries. Operators also pledged to increase the share of international visitors to Macau.

Oversight and review

The DICJ said authorities have already strengthened oversight mechanisms, including optimizing top-level planning, improving cross-department coordination, and enhancing approval and monitoring procedures for annual investment plans submitted by operators. The government has also collected more targeted data to guide and evaluate project implementation.

DICJ Head Ng Wai Han added that concessionaires are being encouraged to allocate resources to key industries in the Guangdong-Macau In-Depth Cooperation Zone in Hengqin, leveraging synergies between the two jurisdictions to support Macau’s industrial diversification.

The regulator also confirmed that it is currently reviewing the concessionaires’ overall performance between 2023 and 2025, in accordance with Macau’s amended gaming law. The review includes assessing operators’ fulfillment of social responsibilities, such as supporting local small and medium-sized enterprises and prioritizing local hiring.

Meanwhile, Macau’s Statistics and Census Service (DSEC) has begun collecting and analyzing data to evaluate the economic impact of non-gaming investments, with plans to develop quantitative indicators to measure their contribution to the city’s development.

https://agbrief.com/news/macau/13/03/2026/macau-gaming-regulator-to-adjust-scope-of-operators-non-gaming-investments/?utm_source=Asia+Gaming+Brief&utm_campaign=2c7d6424b3-AGB%3A+%2302344+Friday%2C+13th+March%2C+2026&utm_medium=email&utm_term=0_51950b5d21-2c7d6424b3-%5BLIST_EMAIL_ID%5D&ct=t%28AGB%3A+%2302344+Friday%2C+13th+March%2C+2026%29&goal=0_51950b5d21-2c7d6424b3-%5BLIST_EMAIL_ID%5D&mc_cid=2c7d6424b3&mc_eid=31e20475e6