Sam Hou Fai, who is running uncontested to become the Chief Executive of Macau, has somewhat U-turned in backing the importance of the region’s thriving gaming sector.
Addressing the media, he emphasised the importance of the gaming sector continuing to grow as being crucial to the economic prosperity of Macau.
The incoming CEO stated at a press conference: “The gaming industry is Macau’s primary industry, and if it does not develop healthily, it will have far-reaching consequences. The new government will strictly enforce the new gaming law to protect and supervise the healthy and orderly development of the six concessionaires.
“The new government will require and supervise the concessionaires to monitor their non-gaming investments of MOP$130bn in accordance with the contractual requirements, so as to promote the diversified development of the Macau economy.”
It’s a shift from his previous standpoint that the region’s economy would be forced to diversify.
He had emphasised: “After the return of sovereignty, Macau held an open tender for the gaming industry, and the tourism and gaming industry developed rapidly afterwards, but for a period of time, it developed in an uncontrolled manner.
“The Central Government’s proposal for Macau to develop its economy in an appropriately diversified manner is a mandatory question for the Macau SAR Government, not a question of choice.”
He added that he believes the task of economic diversification could be a difficult, but essential journey as he warned of the major impact if the country loses “momentum of development”.
It comes amidst the legal efforts in the area to intensify the clampdown on money exchange gangs in the region.
Increasing scrutiny over the Macau gaming economy, China’s Ministry of Public Security recently analysed what is and isn’t working when it comes to its strategy for tackling illicit behaviours.
In spite of many challenges when it comes to tackling the gangs and honing in on fraudulent behaviour, there had been reported success in the group’s approach as the police director emphasised a decline in the number of illegal crimes involving money exchange gangs.
Moving forward the ministry described its approach as “high pressure” as the region’s authorities seek a collaborative approach when it comes to tackling gangs and money laundering.
In one of the more specific efforts to combat illegal activity in Macau, a total of 93 people were arrested following an investigation into an illegal gambling operation in Macau, Hong Kong and the Guangdong Province.
A report by government officials detailed that this operation took place across a host of major casino locations in Macau.
Furthermore, the operation has been in place since 2016, as law officials remained poised until the most effective moment to ensure they could counter and arrest those responsible for the illegal syndicate.
