The lawmaker representing the sports and culture sectors, Kenneth Fok, on Wednesday said the government needs to narrow down its definition of a "mega event", to make sure public money is only being spent on things that draw in tourists.
Fok said a recent Mid-Autumn lantern display was billed as a mega event, but it failed to attract visitors.
With up to HK$15 million in subsidies for each mega event, resources should be used more efficiently, he said.
"There is a list of so-called 'mega events' in Hong Kong, with over 200 events. But are they all considered mega? Are they all major events? Are they all, as some people call it, hallmark events?" he questioned.
"I think the government needs to have a blueprint or plan to say that within a calendar year, with our limited resources, with Hong Kong's limited venue availability, what events should we be aiming for to maximise the aim that we are trying to achieve."
A document submitted to Legco in April showed the Culture, Sports and Tourism Bureau spent around HK$300 million subsidising mega events in the previous fiscal year.