The new contracts come into effect on Jan. 1, 2023.
"The development of Macau's gaming and tourism industry will enter a new stage," it said in a statement issued immediately after the signing. Genting, with its strong non-gaming track record and mass market appeal, was a credible threat for the Macau operators, many executives and analysts have said.Previous attempts by Macau to diversify have been unsuccessful, with casino operators shying away from investing in non-gaming due to the high costs, particularly as the gambling industry was far more lucrative. Macau's gambling industry currently accounts for more than 80% of government revenues.
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