25 years after returning to China, is diversification working for Macau?
Experts question how far Macau can go with economic reform as city marks 25th anniversary of return to Chinese administration
Unprecedented demand led organiser Chessman Entertainment Production to double the number of shows from six to 12, drawing a record-breaking 109,000 people to the Cotai Arena at the Venetian Macao.
“It created a golden week for local tourism during a typically quiet season,” recalled Lawrence Che, the company’s CEO, noting that restaurants near the venue saw a business surge, while up to 70 per cent of the concertgoers stayed overnight.
The 240 concerts held in Macau last year brought in almost US$138 million in box office revenue and contributed to part of the more than 28 million visitor arrivals.
The “concert economy” is now regarded by local authorities as an answer to Beijing’s call to cut reliance on casinos, long the backbone of its economy.
Friday will mark the 25th anniversary of Macau’s return to Chinese administration. Chinese President Xi Jinping will officiate the inauguration of Sam Hou-fai as the city’s next chief executive. Sam is the first Macau leader to be born and raised in mainland China.
The change of leadership comes at a time when Macau is at a crossroads, with political and business experts questioning whether it can further its economic reform, strengthen its position as a bridge between China and the Portuguese-speaking world and effectively channel residents’ voices to Beijing.
