Macau Charts New Course to Reduce Gambling Addiction and Diversify Economy
Macau’s incoming Chief Executive, Ho Iat Seng, has put together a team to reduce the city’s reliance on gambling and economic diversification. The new government takes office on December 20 and the direction is changing for the world’s biggest gambling hub.
New Secretary for Economy and Finance
Tai Kin Ip, currently the director of Macau’s Economic and Technological Development Bureau, has been appointed as the new Secretary for Economy and Finance.
Tai will replace Lei Wai Nong and will be in charge of Macau’s gambling industry which accounts for 80% of the city’s tax revenue. He will oversee the gaming licenses of the major operators including Wynn Macau, Sands China, SJM Holdings, Galaxy Entertainment, Melco and MGM China.
Tai’s appointment is a move to balance the city’s gambling revenue with economic diversification. Tai has strong connections with small and medium enterprises and has been advocating for Macau’s economy to go beyond gaming.
While Tai’s appointment means change, Sam Hou Fai’s government also means continuity. Two of the current five secretaries will stay: Wong Sio Chak as Secretary for Security and André Cheong as Secretary for Administration and Justice.
Diversification Plan
The government aims to increase the non-gaming sectors’ contribution to Macau’s GDP from 50% in 2019 to 60%. Tai reiterated his commitment to this plan and pointed out the opportunities in traditional Chinese medicine, health services, financial technology, tourism, trade, conventions, culture and sports.
Macau’s first post-pandemic economic plan focuses on tourism and leisure and emerging industries to position the city as a multi-industry hub. “While gathering consensus from various sectors, we will allocate more resources to further diversify Macau’s economy,” Tai stated, underscoring the administration’s dedication to sustainable growth.
