Macau's six gaming concessionaires have committed a combined MOP9 billion, approximately US$1.1 billion, to a government-backed investment fund intended to broaden the city's economy beyond gaming and tourism. The agreements were signed on 23 October, marking the formal start of the fund's operations.
The first phase of the Macao SAR Government Guidance Fund totals MOP20 billion. MOP11 billion will come from accumulated returns on fiscal reserves, while the concessionaires supply the remaining MOP9 billion as limited partners, according to Inside Asian Gaming.
The operator money will count toward investment obligations already attached to Macau's current gaming concessions. GGRAsia reports that the six subscriptions range from about MOP828 million to MOP2.30 billion and that the operators will not manage the fund's daily operations.
The vehicle is intended to finance commercially sustainable projects in emerging industries, industrial upgrading, research commercialisation and technology start-ups. Its remit also includes cooperation with Hengqin and the wider Greater Bay Area, shifting part of the concessionaires' existing non-gaming commitments into a centrally managed diversification programme.
