Macau needs to diversify economy, safeguard national security -Chinese official

Galaxy Entertainment

24/05/2023 04:14

HONG KONG, May 24 (Reuters) - Macau, the world's biggest
gambling hub, needs to diversify its economy and make greater
efforts to safeguard national security, the Macau government
quoted a top Chinese official as saying.
    The directives were part of six requirements laid out by Xia
Baolong, the director of China's Hong Kong and Macau Affairs
Office, who is currently visting Macau for four days.
        Macau, a densely packed territory on China's southern
coast,  is the only place in the country where gambling in
casinos is legal.   
    Xia's other requirements are implementing the "one country,
two systems" principle that Macau and Hong Kong are both
governed under, strengthening national pride, greater
integration with neighbouring Chinese island Hengqin and
improving overall governance.
    Casino operators Sands China  1928.HK , Wynn Macau
 1128.HK , Galaxy Entertainment  0027.HK , SJM Holdings
 0880.HK , Melco Resorts  MPEL.O  and MGM China  2282.HK  have
faced increased regulatory oversight and are mandated to invest
more in non-gaming amenities to diversify away from gambling.
    Casinos have committed to investing a combined $15 billion
in the coming decade, 90% of which must be spent on non-gaming.
    Macau will "fully, accurately and unswervingly implement the
new concepts, new ideas and new strategies put forward by
President Xi Jinping," Macau's government said.
    

 (Reporting by Farah Master and Twinnie Siu; Editing by Edwina
Gibbs)
 ((farah.master@thomsonreuters.com; +852 3462 7709;))