Macau is making significant strides in diversifying its economy through the Meetings, Incentives, Conventions, and Exhibitions (MICE) sector.
Macau’s achievements in the MICE industry in recent years were highlighted at the recent “Global Exhibitions Day”, an event focused on promoting industry progress, economic growth, sustainable development, and international exchanges.
Starting in 2023, Macau’s six casino operators embarked on new 10-year gaming concession contracts, agreeing to expand their non-gaming offerings significantly. This initiative aims to diversify Macau’s economy away from its traditional gaming reliance.
As part of that effort, Macau hosted a diverse array of events and attractions last year, including 180 pop concerts and over 1,000 MICE gatherings, establishing itself as a premier MICE destination for the region. The city continued its momentum into 2024, hosting 307 conventions and exhibitions in the first quarter alone, marking a 31.2% increase compared to the previous year.
The number of overseas exhibitors and professional visitors surged by 32.2% and 39.5%, respectively, during the same period. These events generated approximately MOP 900 million ($112 million) in non-gaming revenue, reflecting a more than 50% increase from the first quarter of 2023, reports Macau Daily Times.
Business visitors in the MICE sector spent about MOP5,148 ($640) per capita in the first quarter, an 18.2% year-on-year increase, highlighting the sector’s substantial economic impact compared to general tourism.
Macau’s government is proactive in fostering the MICE sector’s growth, aiming to host 1,500 MICE events in the current year. The city’s investment in non-gaming amenities and events, supported by the casino operators’ commitment, continues to broaden Macau’s appeal and reduce its dependency on gaming revenue.
Original article: https://www.yogonet.com/international/noticias/2024/06/13/72651-macau-expands-mice-industry-to-diversify-economy-beyond-gaming
