In a recent session at the Macau Legislative Assembly, Chief Executive Ho Iat Seng addressed concerns regarding the progress of non-gaming investment programs initiated by Macau’s six concessionaires. Highlighting the complexity of revitalizing old districts and implementing non-gaming projects, Ho Iat urged the community to exercise patience, emphasizing that the effectiveness of these programs would require time, with a projected timeline extending up to 10 years.
Councilor’s Inquiry:
During the question-and-answer session about the government’s 2024 Policy Address, Councilor Ron Lam raised inquiries about the status of non-gaming investment plans by the concessionaires. This prompted Ho Iat to provide insights into the challenges and timelines associated with these initiatives.
Testing the Waters:
Ho Iat emphasized that the revitalization of old districts and other non-gaming investments required thorough testing. Acknowledging the experimental nature of these endeavors, he noted that quick success was unlikely, and the entire program would necessitate a decade for comprehensive evaluation.
Constant Adjustments and New Ventures:
The Chief Executive underlined the need for ongoing adjustments in each non-gaming investment program. With many of these initiatives being unexplored territories, he stressed that both the government and concessionaires needed time to navigate and adapt. Ho Iat cited examples such as concerts and sea tours as novel ventures that required time for realization and success.
Learning from Attempted Innovations:
Ho Iat drew parallels with historical figures, mentioning Madame Curie and her persistence in experimentation before success. He encouraged a similar approach, asserting that trying bold ideas, such as those undertaken by Macau’s concessionaires, was essential for progress. The Chief Executive emphasized that changes and results wouldn’t materialize overnight and that the process required patience.
Concessionaires’ Commitment:
Macau’s six concessionaires have committed a substantial MOP$108.8 billion to non-gaming projects over a 10-year concession period. These projects span diverse sectors, including sports, cultural performances, marine tourism, and the revitalization of old districts. Most of these revitalization plans are already in progress.
Industry Perspective:
MGM China President and COO, Hubert Wang, shared insights at the MGS Summit, citing the ‘Pareto principle.’ Wang highlighted the focus on identifying the 20% of non-gaming investments that would yield 80% of the impact. This strategic approach reflects the industry’s careful consideration in allocating resources for maximum effectiveness.
As Macau’s concessionaires navigate the uncharted territory of non-gaming investments, Chief Executive Ho Iat Seng’s call for patience underscores the long-term vision required for success. The convergence of experimentation, historical references, and industry perspectives paints a comprehensive picture of Macau’s commitment to diversify its offerings beyond traditional gaming, paving the way for a more resilient and dynamic future.