The government plans to have the first draft of the study on the mid-term review of gaming licences completed by the end of September. The timeframe was announced yesterday in the Legislative Assembly (AL) by the Chief Executive of the Government, Fernando Chui Sai On (pictured), in a session addressing the questions of legislators.
“We expect to have the first draft of the study on the mid-term review of the gaming licensing by the end of September. Then, by the end of the year we expect to run a public consultation”, he said.
“The review will focus on eight aspects including the impact of gaming on the Macau economy, small and medium enterprises, society and the relationship between gaming and the development of non-gaming activities. The review will also study if the current contracts with operators [have been] fulfilled and if they are assuming their social responsibilities”, he clarified.
Revenues cannot grow every month
The head of the government explained that the territory is ready to face the ‘new normal’, in which annual gaming revenues will be around MOP200 billion per year, and that the funds generated from gaming will be used to promote non-gaming sectors.
“We’ve been growing for ten years but now the pace has slowed down. After adjusting to a MOP20 billion per month level in terms of gaming revenues we will be able to generate around MOP200 billion per year [sic]. If you look at our budget it means our financial position is very stable and considering our financial reserves we will be able to support the development of non-gaming aspects”, he explained.
Chui Sai On added in order to continue supporting the MICE industry, the government will not have a problem using the money from the fiscal reserves to subsidise this sector.
One Road, One Belt: Destination Macau
In October 2013, the President of the Central Government announced the ‘One Road, One Belt’ policy, designed to recreate the Silk Road and at the same time allow China to assume a bigger role in global affairs through economic co-operation with other countries in Eurasia. Yesterday, when asked about the role of Macau, Fernando Chui promised that in one month he will present more information on the subject.
“This strategy by the Central Government requires Macau to develop its own characteristics to participate. This strategy will help to transform Macau into an international tourism destination but first we need to consolidate the Mainland tourism market. Then we can attract international visitors”, he explained. “In co-operation with the provinces of Fujian and Guangdong we hope to promote the territory as the last stop of this economic route”.
The Chief Executive spoke of the strategy to attract more international tourists, whilst recognising that there is a limit to the capacity of the city and that 32 million visitors a year is too many.
