Macao is another Special Administrative Region of China, besides Hong Kong. Until the handover to China in 1999, the Portuguese Government had ruled Macao for more than 442 years. With its rich Portuguese heritage from this long colonial era, Macao stands out as a unique city in China that blends Western and Chinese cultures perfectly. This mix shines in its famous custard tart and pork chop bun.
Covering a territory of just 33 km², which is roughly 1/12 the size of Vienna, Macao has a GDP per capita of USD$73,047, according to the World Bank (2024). This figure places it among the highest in Asia, behind only Singapore and ahead of Hong Kong.
The gambling industry has been the primary driver of the economy, peaking before COVID-19 with over 50% contribution. However, following the government’s initiatives, such as the “1+4 Strategy2” launched in 2023, aimed at achieving economic diversification prioritizing tourism, MICE, TCM, and finance, the gambling industry's contribution has now fallen below 40%, despite the continuous growth of revenues within this sector.
One of the significant recent developments in Macao through “1+4 Strategy2” is the revitalization of its historic districts, each one supported by one of the city's six casino operators. The government has collaborated closely with these casinos to formulate revitalization plans for the six districts, aiming to create more iconic cultural attractions in Macao. This approach not only enhances awareness of Macao's heritage but also helps the casinos generate social benefits from re-investing, moving the city beyond its image as a gambling destination.
The six districts involved in this revitalization are A-Ma area, Avenida do Almeida Ribeiro, Inner Harbour Piers 23 and 25, Lai Chi Vun Shipyard, Rua da Felicidade, Rua Das Estalagens, and the Former IEC Long Firecracker Factory.
1 World Bank (2024). GDP per capita (current US$) - Macao SAR, China. Retrieved from https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?locations=MO&most_recent_value_desc=true
2 Macao Government Tourism Office (2024).【1+4 strategy to unveil a new chapter for tourism】Second-phase review study begins for Macao Tourism Industry Development Master Plan. Retrieved from https://www.dst.gov.mo/en/about-us/press-release/e94458e84a5f410b840f3825199e1aaf.html
