World
Macau is a special administrative region of China
HONG KONG (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, Sands China, SJM Holdings, Galaxy Entertainment, Melco, MGM China 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.
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