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Macau's future leader unveils team to govern gambling hub
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Macau's future leader unveils team to govern gambling hub
Dec 1, 2024 10:22 PM

HONG KONG, Dec 2 (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 ( WYNMF ), Sands China ( SCHYF ), SJM

Holdings, Galaxy Entertainment ( GXYEF ), Melco

, MGM China ( MCHVF ) 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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