NewPressure builds on Macau to spread its bets
The world's largest gambling enclave is in its longest ever slump, but delivering on promises to diversify the economy poses huge challenges
With Macau's revenues plunging by almost half, the city's need to spread its bets has never been greater. But for that to happen, a lot would have to change in a city where gambling accounts for more than 90 per cent of the revenues.
February's 48.6 per cent collapse in revenue versus a year ago was the largest drop since 2010 and marks the ninth successive monthly fall - the longest slump on record for the world's largest gambling enclave, hit by a Beijing-backed anti-corruption drive that keeps away high rollers, and changes to visa requirements and smoking restrictions that deter casual bettors.
The Macau government insists there is more to the city than gambling - which entered the wealthiest period in its history in the decade after the liberalisation of the gaming sector began in 2002 - and that it is working hard to reinforce that economic diversity.
Critics say there are precious few measures in place to deliver on diversification promises.
Although the convention and exhibition sector has been a key element in the government's diversification plan, it remains tiny.
A fund of 200 million patacas to support the creative industries was launched in 2013. New creative shops and workshops have opened across the city, but it also has not spawned a vibrant industry.