Sands China Executive Vice Chairman Dr Wilfred Wong says the company is learning as it goes when it comes to revitalizing Macau’s old districts but remains confident its latest investment will prove beneficial.
Under the new 10-year gaming concessions signed in December 2022, Macau’s concessionaires are required to assist the Macau SAR Government in reinvigorating some of the city’s old or historical areas with Sands China’s responsibilities including the Iec Long Firecracker Factory and its surrounding areas, Pátio da Eterna Felicidade and Rua das Estalagens.
Earlier this month the company detailed its plan for Rua das Estalagens, with the goal of attracting new businesses to the street through a series of measures, including the provision of financial assistance. Sands will provide such assistance to selected entrepreneurs to a maximum ratio of 1:2, capped at MOP$1 million (US$124,000), as a means of attracting entrepreneurs to set up shops on Rua das Estalagens. The programme will be open for applications from 8 April to 31 May.
On Saturday, Sands China and government officials held an open house at Ron the street for prospective creatives to view the program, with Dr Wong telling media, “While the business atmosphere on Rua das Estalagens remains strong, some of the shops in the area are vacant, and the Group hopes to revitalize the area with the new scheme.
“This will be followed up by a beautification program to work with the community on beautification and with the government on transport.”
Asked about the main challenges this project has presented, Dr Wong said, “Sands China is not in the business of revitalizing old districts, so we’re ‘learning by doing’.
“In addition to revitalizing old districts, we also want to support the development of local small and medium-sized enterprises (SMEs).
“After considering a number of options, we decided that it would be most effective and practical to collect business plans from the community, and then Sands China would select high-quality plans and disburse the funding in phases.”
Rua das Estalagens is a historic commercial street in Macau which used to be popular for trades and the sale of wedding goods. However, with the rise of tourism in Avenida Almeida Ribeiro, the street has been in decline, with nearly one-third of shops now vacant.
