{"id":7068,"date":"2024-10-03T15:58:04","date_gmt":"2024-10-03T14:58:04","guid":{"rendered":"https:\/\/sbceurasia.com\/en\/?p=7068"},"modified":"2024-10-03T15:58:13","modified_gmt":"2024-10-03T14:58:13","slug":"sam-hou-fai-new-perspectives-for-macaus-gaming-economy","status":"publish","type":"post","link":"https:\/\/sbceurasia.com\/en\/2024\/10\/03\/sam-hou-fai-new-perspectives-for-macaus-gaming-economy\/","title":{"rendered":"Sam Hou Fai: New Perspectives for Macau’s Gaming Economy"},"content":{"rendered":"\n

Sam Hou Fai<\/strong>, the only candidate for the position of Chief Executive of Macau, has slightly revised his stance on the significance of the region’s thriving gaming sector.<\/p>\n\n\n\n

Addressing the media, he emphasized that further growth in the gaming industry is a key factor for Macau’s economic prosperity.<\/p>\n\n\n\n

At a press conference, Sam Hou Fai stated: \u201cThe gaming industry is Macau\u2019s 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.<\/p>\n\n\n\n

\u201cThe new government will require and supervise the concessionaires to monitor their non-gaming investments of MOP$130bn ($16,2 bn)  in accordance with the contractual requirements, so as to promote the diversified development of the Macau economy.\u201d<\/p>\n\n\n\n

It\u2019s a shift from his previous position that the region’s economy should diversify.<\/p>\n\n\n\n

He stressed: \u201cAfter 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.<\/p>\n\n\n\n

The Central Government\u2019s 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.<\/p>\n\n\n\n

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 \u201cmomentum of development\u201d. <\/p>\n\n\n\n

In a move to tighten its grip on Macau\u2019s gambling economy, China\u2019s Ministry of Public Security recently reviewed its anti-crime strategy to determine what works and what doesn\u2019t. <\/p>\n\n\n\n

Despite the many challenges of cracking down on gangs and preventing fraud, the group\u2019s work has reported positive results, with the police director noting a decline in illegal crimes linked to money-changing gangs. <\/p>\n\n\n\n

The ministry went on to describe its approach as \u201chigh pressure,\u201d as authorities across the region seek to work together to combat gangs and money laundering. <\/p>\n\n\n\n

In one of the most concrete crackdowns on illegal activity in Macau, a total of 93 people have been arrested in an investigation into illegal gambling in Macau, Hong Kong, and Guangdong province. <\/p>\n\n\n\n

A report from government officials indicated that the operation targeted several major casinos in Macau. <\/p>\n\n\n\n

Moreover, the operation has been ongoing since 2016, as law enforcement officials remained on standby until the most effective moment to ensure that they could confront and arrest those responsible for the illegal syndicate.<\/p>\n\n\n\n

Don’t forget to subscribe to our Telegram channel!<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Sam Hou Fai, the only candidate for the position of Chief Executive of Macau, has slightly revised his stance on the significance of the region’s thriving gaming sector. Addressing the media, he emphasized that further growth in the gaming industry is a key factor for Macau’s economic prosperity. At a press conference, Sam Hou Fai […]<\/p>\n","protected":false},"author":10,"featured_media":7069,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[8,1],"tags":[10007,7750,4009,1260,2757,9820],"class_list":["post-7068","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casino","category-news","tag-chief-executive","tag-economic-development","tag-gambling-law","tag-gambling-sector","tag-macau","tag-sam-hou-fai"],"yoast_head":"\nSam Hou Fai: New Perspectives for Macau's Gaming Economy - SBC EURASIA EN<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sbceurasia.com\/en\/2024\/10\/03\/sam-hou-fai-new-perspectives-for-macaus-gaming-economy\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sam Hou Fai: New Perspectives for Macau's Gaming Economy - SBC EURASIA EN\" \/>\n<meta property=\"og:description\" content=\"Sam Hou Fai, the only candidate for the position of Chief Executive of Macau, has slightly revised his stance on the significance of the region’s thriving gaming sector. 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