A BUSINESS CONCEPT STUDY FOR MACAU’S HISTORIC CENTRE REVITALIZATION (THE RENOVATION OF THE CENTRAL HOTEL AS AS EXAMPLE)

ABSTRACT

THIS STUDY AIMS TO CONDUCT A COMPREHENSIVE ANALYSIS OF THE DUAL EFFECTS OF MACAO'S ECONOMIC DIVERSIFICATION POLICY, WITH THE INTENTION OF EXPLORING ITS ROLE IN FOSTERING ECONOMIC SUSTAINABILITY. BY THOROUGHLY EXAMINING MACAO'S ECONOMY, WHICH HAS TRADITIONALLY BEEN HEAVILY RELIANT ON THE GAMING AND TOURISM INDUSTRIES, THE STUDY UNCOVERS THE IMPLEMENTATION EFFECTS OF THE ECONOMIC DIVERSIFICATION POLICY, THE CHALLENGES IT ENCOUNTERS, AND ITS POTENTIAL INFLUENCE ON THE ECONOMY'S FUTURE TRAJECTORY. THE RESEARCH UTILIZES A MIXED-METHODOLOGY APPROACH, INTEGRATING EXTENSIVE QUANTITATIVE DATA ANALYSIS WITH QUALITATIVE INTERVIEWS TO ENSURE THE COMPREHENSIVENESS AND SYSTEMATIC NATURE OF THE FINDINGS. THE STUDY'S OUTCOMES UNDERSCORE THE BENEFICIAL EFFECTS OF MACAO'S ECONOMIC DIVERSIFICATION POLICY IN STIMULATING THE GROWTH OF NEW INDUSTRIES, BOLSTERING ECONOMIC RESILIENCE, AND ATTRACTING FOREIGN INVESTMENT. HOWEVER, THE POLICY ALSO FACES CHALLENGES SUCH AS SKILL SHORTAGES, UNEVEN RESOURCE DISTRIBUTION, AND THE IMPACT ON TRADITIONAL ECONOMIC PILLAR INDUSTRIES. THE RESEARCH INDICATES THAT DESPITE CERTAIN PROGRESS, MACAO'S ECONOMIC DIVERSIFICATION PROCESS STILL NEEDS TO OVERCOME VARIOUS INTERNAL AND EXTERNAL OBSTACLES. IN RESPONSE TO THE RESEARCH FINDINGS, THIS STUDY PROPOSES A SERIES OF TARGETED RECOMMENDATIONS, INCLUDING STRENGTHENING THE CONNECTION BETWEEN EDUCATION AND INDUSTRY, OPTIMIZING RESOURCE ALLOCATION STRATEGIES, STIMULATING INNOVATION AND ENTREPRENEURSHIP, AND PROMOTING THE COLLABORATIVE DEVELOPMENT OF TRADITIONAL AND EMERGING INDUSTRIES. THESE SUGGESTIONS AIM TO ASSIST THE MACAO GOVERNMENT IN EFFECTIVELY ADDRESSING CURRENT CHALLENGES AND LAYING A SOLID FOUNDATION FOR THE LONG-TERM DEVELOPMENT OF MACAO'S ECONOMY.