Each Macau casino concessionaire submitted its calendar-year 2023 investment plan on March 16, said on Friday the city’s Chief Executive, Ho Iat Seng (pictured), in remarks to the Legislative Assembly during a plenary meeting.
Mr Ho was responding to a query from Macau legislator Wong Kit Cheng, during a question-and-answer session. Ms Wong’s enquiry concerned the government’s plan for the city’s post-pandemic economic recovery. Mr Ho did not go into details regarding the proposals of the six casino licensees.
As part of the public tender prior to the award of new 10-year concessions that began on January 1, applicants had to set out what non-gaming investments they would make, to help the city’s economic diversification.
Mr Ho did mention in his Friday remarks, that the Macau government would where necessary – in response to the investment proposals submitted by the casino operators – make adjustments to what he termed the macroeconomic plan for the city.
That plan encompasses ways Macau could achieve a better structure to its economic output via the fields of finance, technology, healthcare, the meetings, incentives, conferences and exhibitions (MICE) business, and cultural and sports events, noted the city’s Chief Executive.
The casino concessionaires have been asked to help with that. They have pledged collectively to invest MOP118.8 billion (US$14.7 billion) during the life of the concessions.
Under that framework, each operator must submit an “annual execution proposal”, relating to specific projects mentioned in its concession pledge. Such information must include the proposed amount of spending, and the execution timetable for the relevant year.
