Former Supreme Court Justice Sam Hou Fai Describing Macau’s gaming industry as having a “very big negative impact” on society, he pledged to work to diversify Macau’s economy if elected as the next chief executive in October. South China Morning Post Report.
The 62-year-old elaborated at a press conference on Wednesday: “There are times when [the gambling industry] “The disorderly development and barbaric expansion of small and medium-sized enterprises have not only squeezed our society’s resources and human resources in various ways, but also affected the employment choices and career development of our young people.”
Macau is highly dependent on casinos: in the first seven months of this year, 84% The majority of government revenue comes from taxes levied on gaming activities. But the liberalization of the gaming industry is also largely due to Macau’s remarkable socio-economic growth over the past two decades and its emergence as one of the world’s gaming hubs. The richest region.
[See more: What would it mean for Macao if Sam Hou Fai becomes the next chief executive?]
Nonetheless, the current government has promoted diversification under the so-called “1+4” framework, as outlined below detailed At the end of last year, the National Development and Reform Commission officially launched the “Belt and Road” construction, focusing on tourism and leisure as the core, and cultivating four emerging industries (traditional Chinese medicine, financial technology, high technology, and event production).
The goal is for non-gaming activities to contribute 60% of Macau’s GDP. Although that proportion was achieved last year, casinos have yet to fully recover from the pandemic and the contribution is expected to be higher in 2024.
Tam has yet to release the full text of his campaign manifesto, but it is likely to include more ambitious goals for Macau’s economy. He said his main economic policy direction would involve strengthening Macau’s ties with Portuguese-speaking countries and Southeast Asia.
Professor Yang Mingyu, a political scientist at the University of Macau, told postal Sam’s pessimistic view on the gambling industry is likely to send a signal to central government that he shares its views on the industry, rather than indicating that he will implement sudden changes.
[See more: The Internet asked, ‘Why is Macao so rich?’ and we answered]
“Turpan emphasised Beijing’s plans for Macau’s development, which is why he described the gaming industry as ‘disorderly development’, because that’s what Beijing sees it as, but that doesn’t mean he will change. [sector’s] “That’s not the case right now, at least not for the next few years,” he said.
Earlier this month, brokerage firm Seaport Research Partners said it did not expect the change in chief executive to bring “any significant changes” to Macau’s gaming industry. it Pointing out that whoever the new Chief Executive is, they will “understand the importance of the gaming and hotel industry to Macau’s economic well-being and future development”.
Macau’s elections are scheduled for October 13, with the new chief executive set to take office on December 20. The current chief executive, Ho Iat Seng, recently announced that he will not run for a second term due to health reasons. Announce He entered the race on Wednesday, two days later Resign Served as Chief Justice.
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