Macau’s incoming chief executive, Sam Hou Fai, has announced a leadership team tasked with reducing the city’s heavy reliance on gambling revenue and advancing economic diversification.
Tai Kin Ip, the current director of Macau’s Economic and Technological Development Bureau, will step into the role of Secretary for Economy and Finance, succeeding Lei Wai Nong. As the primary liaison for Macau’s gambling sector, Tai will oversee the gaming licenses held by Wynn Macau, Sands China, SJM Holdings, Galaxy Entertainment, Melco, and MGM China.
Macau, the world’s largest gambling hub, derives 80% of its regional tax revenue from the casino industry. The government has long aimed to diversify its economy, and Tai underscored his commitment to this goal.
The city’s diversification strategy includes promoting industries such as traditional Chinese medicine, health, financial services, technology, tourism, trade, conventions, culture, and sports. The goal is to raise the share of non-gaming industries in Macau’s GDP from 50% in 2019 to 60%.
While the new administration, set to assume office on Dec. 20, signals a shift in economic priorities, two of the current five secretaries will retain their roles. Wong Sio Chak will continue as Secretary for Security, and André Cheong will remain Secretary for Administration and Justice.
Sam’s team reflects a balance of continuity and strategic adjustments, especially the search of reducing the city’s heavy reliance on gambling revenue.
Tai, who played a key role in the 2022 public tender for gaming licenses, is well-regarded for his connections with small- and medium-sized businesses. His appointment indicates a focus on balancing gambling revenues with broader economic initiatives.
The announcement comes as Macau rolls out its first post-pandemic economic blueprint, emphasizing tourism, leisure, and emerging industries. The plan aims to position Macau as a multi-industry hub in the region. “While gathering consensus from various sectors, we will allocate more resources to further diversify Macau’s economy,” Tai said.
Original article: https://www.yogonet.com/international/news/2024/12/03/87269-macaus-new-leader-unveils-team-with-focus-on-economic-diversification
