Macau’s casino operators reveal new theme parks, theatres in 10-year plan to diversify city’s economy away from gambling
- Macau’s six casino operators are expected to pump US$14.7 billion into the local economy with non-gaming projects required for new gambling licenses
- Projects include a new indoor water park from Melco Resorts, a theatre and food court from Wynn and a 610,000 square metre hi-tech theme park from Galaxy
Macau’s casino operators will invest a combined 108 billion patacas (US$13.5 billion) to host conferences and sporting events and promote family entertainment over the next 10 years in response to the government’s call to help Asia’s gambling hub diversify its economy away from the industry.
Each of the six operators – MGM Grand Paradise, Galaxy Casino, Venetian Macau, Melco Resorts Macau, Wynn Resorts Macau and SJM Resorts – will be spending hundreds of millions of dollars on new facilities and events that are meant to draw more international traffic to the city.
In order to have their gaming licenses renewed, the companies had to pledge to invest in areas specified by the city’s bidding document, including culture, entertainment, sports, themed attractions, healthcare, and other areas that attract foreign investors.
The licenses, effective from January 1 through 2033, were officially approved on Friday. By the end of the contract, the casino operators are expected to have poured a total of 118.8 billion patacas into the Macau economy to meet their contractual obligations.
The biggest spender is Venetian, which has committed to spending 27.8 billion of its 30 billion patacas in new investment on non-gaming projects.
