Adaptability the key
Macau's biggest post-handover achievement has been in transforming itself from a tourism destination primarily serving Southern China, into a major destination in Asia. So says Jonathan Galaviz, founding partner at Las Vegas-based Globalysis and a long-time Macau watcher.
He also lauds the diversification into financial services, technology and non-casino related industries. 'That will be the next important phase of Macau's development,' he says.
Galaviz, a hotel and leisure industry consultant, asserts that policymakers are prudent in liberalising gambling and granting more casino licences. 'It's a recognition Macau is now a liberal economy, and with greater capital investment comes more jobs and economic growth,' he says.
'In such a short period, tens of billions of dollars in investments have come to this small island with just 500,000 people, so the effects have been significant. There are many islands in Asia that wish they had that,' he says.
A decade ago, the average Singaporean, Japanese or Korean may not have heard of Macau or have associated it only with gambling.
'But now the perception is that Macau is a place they would like to visit, if they have not already done so,' he says.
Galaviz thinks the city has shown its economic adaptability by diversifying from a one-casino town to the dynamic city it is today.
Ultimately, he believes Macau's people should be very proud of how far they have come.
'Nine or 10 years ago, if you were to place a price on Macau citizenship, you might not have gotten much. Now, the interest and value in it has risen substantially.'
He contends Macau can market itself as a place where mainlanders and other Asians may want to have second or summer homes. 'Again, its ability to diversify is ultimately a function of its political will. The Macau government's leadership has converted an island that was an afterthought ... to now being a serious contender for recognition for success,' he says.
