As Macau awaits new leadership, the current frontrunner and only candidate Sam Hou Fai has issued a significant warning to the region’s thriving gambling sector.
Speaking at a press conference, he emphasised that the region’s economy will be left with no choice but to diversify.
It came after he was questioned by a journalist on the current state of play for the gaming industry and its role in the economy of the area. In Hou Fai’s opinion it is a sector that has become ‘uncontrolled’.
He said: “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 of the country losing ‘momentum of development’.
The need for a new Chief Executive came after preview leader Ho Iat Seng announced earlier this month that he was standing down due to poor health.
In a statement announcing the decision, he said: “I will fully support the sixth Chief Executive and the SAR Government to govern in accordance with the law, and will continue to contribute to the cause of ‘one country, two systems’ and the development of Macau.”
It comes as the competition for gaming tourism in Asia increases significantly with both Japan and Thailand looking to grow their sector.
Thailand recently underwent governmental change, however, father of the new Prime Minister and someone who is considered important within key circles.
Thaksin Shinawatra underlined that the country’s governance would continue to pursue ‘fun economy’ growth through the gaming sector.
Thailand’s bid to grow its casino sector follows a global trend, as the region eyes the elevation of tourist engagement, as the UAE and Japan are also evolving regulations to look to the sector for growth. Prior to the departure of former PM Thavisin, the casino bill had been put back to the public for feedback.
