Writing on the wall
In the eyes of Pansy Ho, daughter of tycoon Stanley Ho and the managing director of Hong Kong-based Shun Tak Holdings, Macau's rise over the past decade has been nothing short of meteoric given the uncertainty and financial tumult of the late 1990s.
'Ten years ago, Macau went through an economic recession much like the rest of Asia. Its gross domestic product showed negative growth for two consecutive years in 1998 and 1999. The number of visitors dropped, while tourism, gaming and all businesses experienced great difficulties. It was a hard time for Macau and its people,' says Ho.
She also believes the SAR's economic configuration has changed forever because, although 'gaming and tourism have always been the dominant economic pillars of Macau, the concerted efforts of the authorities transformed the city from a self-centric economy into an integral part of the regional economy'.
Ho says Macau has advanced into the limelight on the global tourism scene to become a truly international city. This was given a big boost by the individual travel scheme introduced by Beijing in 2003 after the Sars outbreak, which led to an 'exponential increase' in mainland travellers and was one reason why Macau overtook Las Vegas in gaming revenue in 2006.
Macau now boasts one of the lowest unemployment rates in the world, and the median monthly salary increased to more than US$1,000 last year, compared with US$630 10 years earlier. 'Locals now look no further for quality living and opportunities,' says Ho.
Apart from economic development, she lauds Macau's other successes, including the hosting of the 2005 East Asian Games.
As for the city's prospects moving forward as a convention and gaming hub, Ho is optimistic. 'I have always held that Macau is very lucky and blessed,' she says. 'It is a miracle in the making and I am sure everyone from this generation is proud to be a part of this legend.'
She touts the city's 'clear positioning' and 'solid economic development blueprint' as the reason for its success, coupled with its high degree of autonomy, legally and monetarily, and proximity to the fast-growing mainland economy and its vast markets.
'Policy-level integration with Guangdong and adjacent provinces, as well as state-endorsed construction projects such as the Hong Kong-Zhuhai-Macau bridge, will help to position Macau as a leisure hub within the region and take its development to a whole new level,' says Ho.
The Macau government has channelled substantial resources into fostering sustainable growth in gaming via training and educational programmes, investment incentives, and global promotional efforts via the Government Tourist Office. 'I am enthusiastically looking forward to witnessing new milestones in the next decade, and am confident that Macau will reach new heights as we emerge from the global financial recession,' she says.
