IAG’s sister company, O MEDIA, held a luncheon in mid-May at which it announced the establishment of a new brand called “Access Macau.”
The brand aims to serve as a market entry facilitator for companies looking to do business in Macau, and specifically those who believe they have something to offer the city’s concessionaires in fulfilling their diversification pledge.
You may recall that, as part of the tender process for the granting of new 10-year gaming concessions in 2022, the six successful concessionaires agreed to spend a combined US$13.5 billion on diversification – or non-gaming – initiatives during the concession period. That figure later rose to US$16.3 billion in accordance with a clause that upped total spend once Macau’s annual GGR surpassed MOP$180 billion (US$22.3 billion). Naturally, the industry surpassed the MOP$180 billion mark at its first attempt in 2023.
That Access Macau exists at all highlights the sheer scale of the money Macau’s concessionaires have committed to spend and the challenges they face in doing so. To put it into some sort of perspective, this amounts to a whopping US$31 million every single week – easier said than done.
More problematic is not just how to spend the money but how to do so in a way that is effective and, ideally, generates either real returns or some other tangible benefits.
In an earnings call earlier this year, MGM Resorts International CEO and President Bill Hornbuckle revealed that his company’s Macau subsidiary, MGM China, had spent so far around 35% of the US$2.3 billion it is required to spend, but was still unsure how to best make use of the rest. This is significant because MGM China has already launched a multitude of high-profile non-gaming attractions since 2022, including resident show Macau 2049, the Poly MGM Museum and multi-purpose venue Fantasy Box at MGM MACAU. It has also unveiled new hotel suite products at MGM COTAI and is transforming more rooms into suites at MGM MACAU.
According to Hornbuckle, concessionaires like MGM are now trying to come up with new ideas around how to keep spending. He stated in the earnings call, “We are all getting to a point – and we have underwritten and sponsored many activities, sports and otherwise, throughout the community – of how we then spend the next money, particularly given that our scale and scope and footprint is a bit more challenged. We’re going to have a lot of conversations around that with the government on how to make it more effective and efficient.”
There are also valid questions around whether this massive spending spree is having any real impact on the Macao SAR Government’s goal of reducing the contribution of gaming to the city’s GDP and revenue base. It is hard to ignore the fact that in 2025, gaming accounted for almost 83% of all government tax revenue.
There is no doubt that the Macau of 2026 boasts some of the best premium non-gaming attractions anywhere in the world, from the finest hotels and MICHELIN-starred restaurants to world-class sporting events, international music stars and of course the Macau Grand Prix. But will anything emerge that can truly move the revenue mix needle? That seems a far greater mountain to climb.
