The UNESCO Underwater Cultural Heritage Convention was adopted in 2001 and entered into force in 2009. Since then, it has been ratified by a total of 72 parties, but Cambodia remains the only one of these parties located in Asia. Against this backdrop, this article presents the case of the Macao Special Administrative Region (SAR) of the People’s Republic of China (PRC) located on the shores of the South China Sea. The Macao SAR has a strong economy, which relies primarily on the gaming services and tourist industries, but is seeking to diversify its economy in order to make it more sustainable. To this end, the article assesses the role of underwater cultural heritage in diversifying its economy and stresses the need for greater policy coherence both between different cultural policies but also between cultural, commercial and other policy areas.