Macau said on Friday six casino firms will invest around $15 billion as part of new 10-year contracts they signed to operate in the world's biggest gambling hub, with the spending on non-gaming activities to exceed gaming spend by more than 10 times.
The new contracts come into effect on Jan. 1, 2023.
"The development of Macau's gaming and tourism industry will enter a new stage," it said in a statement issued immediately after the signing. Genting, with its strong non-gaming track record and mass market appeal, was a credible threat for the Macau operators, many executives and analysts have said.Previous attempts by Macau to diversify have been unsuccessful, with casino operators shying away from investing in non-gaming due to the high costs, particularly as the gambling industry was far more lucrative. Macau's gambling industry currently accounts for more than 80% of government revenues.
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