The chairman of Galaxy Entertainment Group has voiced his optimism for Macao’s future, but also expressed concerns about the evolving landscape. Francis Lui was speaking at the opening of Global Gaming Expo Asia (G2E) opening held at the Venetian yesterday morning.
In his keynote address entitled “Embracing New Horizons for Sustainable Growth in Macao,” Lui reflected on his G2E speech delivered in 2017, when he outlined six industry priorities, noting how they remain relevant today as they did when he first shared them eight years earlier.
In addition to collaborating with the central government, integrating more closely with the Greater Bay Area (GBA) market, and working with the Gaming Inspection and Coordination Bureau to develop a more sustainable gaming industry, Lui stressed the importance of supporting non-gaming and MICE amenities throughout Macao, along with leveraging the city’s UNESCO and cultural heritage ties to uphold its economic diversification strategy.
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“Never underestimate the regional competition,” Lui stated to a packed room of delegates attending the joint G2E and Asian IR summit, emphasising his support for the government’s “1+4” development strategy, which seeks to integrate tourism and leisure with four emerging industries.
Diversification remains critical to upholding the long-term sustainability of Macao’s well-being, Lui commented, highlighting the diversification was not a new concept to an industry that had shifted its resources to cater for mass market consumers while offering safe and family friendly facilities for the region’s growing middle class.
The collective work is to create a competitive tourism offering that not only serves the customers of today, but for the customers of tomorrow, he said.
Creating tangible economic value in Macao
As Macao looks to build out its non-gaming industries under the government’s “1+4” initiative, Lui expressed the importance of establishing closer ties with the GBA cities, such as Hong Kong, proposing tourism strategies like a “one visit, two city” concept or leveraging Macao’s air routes to develop a transport hub located on the western bank of the Pearl River Delta.
Liu also pointed to the late May concert celebrating three decades of diplomatic relations between China and Monaco, which showcases how Macao serves as an integral platform for world-class cultural exchanges.
But as the economy grows, Lui called for more accommodation options. Despite a near similar intake in tourists, he compared Macao’s 44,000 hotel rooms against the 155,000 available in Las Vegas, where accommodations accounts for 30 percent of total revenues against its gaming intake of 35 percent
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Lui expressed optimism about Galaxy’s phase 4 development and the non-gaming entertainment amenities that build on the success of Galaxy Arena. Since its opening in 2023, the Galaxy Arena has hosted nearly 900 events, including concerts by K-pop group Black Pink, Hong Kong artist Andy Lau, and Italian tenor Andrea Bocelli, as well as major sporting events like UFC and the ITTF World Cup.
Staying innovative was key, Lui mentioned, noting that to protect Macao’s competitive advantages means not competing on price but on the quality of the customer experience.
“There’s much to be optimistic regarding Macao’s future” Lui concluded, confident that much of the work will translate into tangible economic value.
