Macau's future leader unveils team to govern gambling hub

Sands China

02/12/2024 05:58

HONG KONG, Dec 2 (Reuters) - Macau's chief
executive-elect unveiled his team of officials to  govern the
world's biggest casino hub from Dec 20, among them a seasoned
economy minister whose mandate is to diversify the economy and
reduce reliance on gambling revenue. 
    A special administrative region of China, Macau is the only
place in the country where citizens are able to gamble legally,
and its economy is heavily dependent on the casino industry,
which contributes about 80% of regional tax revenue. 
    Former judge Sam Hou Fai, elected in October as Macau's
future leader, unveiled his picks at a press conference on
Sunday after China's state council, or cabinet, appointed them
on Saturday, the government said in a statement.
    Tai Kin Ip, now director of Macau's economic and
technological development bureau, will take over as its
secretary for economy and finance from incumbent Lei Wai Nong. 
    He will be the key point person for the gambling industry in
the city, where Wynn Macau  1128.HK , Sands China  1928.HK , SJM
Holdings  0880.HK , Galaxy Entertainment  0027.HK , Melco
 0200.HK , MGM China  2282.HK  all hold licences to operate.
    The new government would "review the work carried out over
the past five years, and while gathering consensus from various
sectors, we will allocate more resources to further diversify
Macau’s economy," Ip said, according to the statement. 
    Ip, one of nine committee members who oversaw the public
tender for Macau's gaming licences in 2022, is well known in 
business circles, particularly amongst the owners of small- and
medium-sized businesses, executives said. 
    Last year Macau's government rolled out its first blueprint
centred on a strategy envisaging tourism and leisure as the main
pillars, supported by emerging industries such as traditional
Chinese medicine, health, financial services, technology as well
as conventions, exhibitions, trade, culture and sports. 
    It aims for non-gaming industries to contribute about 60% of
Macau's GDP versus 50% prior to the COVID-19 pandemic in 2019. 
    Sam, the only candidate given permission by a panel of 400
pro-China loyalists to run in Macau's election, will keep two of
the current five secretaries as part of his team.
    They are Wong Sio Chak as secretary for security and André
Cheong as secretary for administration and justice. 

 (Reporting by Farah Master; Editing by Clarence Fernandez)
 ((farah.master@thomsonreuters.com; +852 3462 7709;))