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Analysis

Macau needs to diversify economy

Thursday 25 de May 2023 / 12:00

2 minutos de lectura

(Hong Kong).- Macau, the world's biggest legal gambling hub, needs to diversify its economy and make greater efforts to safeguard national security, the Macau government quoted a top Chinese official as saying.

Macau needs to diversify economy

The directives were part of six requirements laid out by Xia Baolong, the director of China's Hong Kong and Macau Affairs Office, who is currently visting Macau for four days.

Macau, a densely packed territory on China's southern coast, is the only place in the country where gambling in casinos is legal.

Xia's other requirements are implementing the "one country, two systems" principle that Macau and Hong Kong are both governed under, strengthening national pride, greater integration with neighbouring Chinese island Hengqin and improving overall governance.

Casino operators Sands China (1928.HK), Wynn Macau (1128.HK), Galaxy Entertainment (0027.HK), SJM Holdings (0880.HK), Melco Resorts and MGM China (2282.HK) have faced increased regulatory oversight and are mandated to invest more in non-gaming amenities to diversify away from gambling.

Casinos have committed to investing a combined $15 billion in the coming decade, 90% of which must be spent on non-gaming.

Macau will "fully, accurately and unswervingly implement the new concepts, new ideas and new strategies put forward by President Xi Jinping," Macau's government said.

By Farah Master and Twinnie Siu; Editing by Edwina Gibbs

Categoría:Analysis

Tags: Sin tags

País: Macao

Región: Asia

Event

GAT EXPO CARTAGENA DE INDIAS 2024

09 de April 2024

Novomatic's innovative offerings and market insights: a recap of our presence at GAT Expo 2024

(Cartagena de Indias, SoloAzar Exclusive).- Manuel Del Sol - CEO at NOVOMATIC Gaming Colombia, gave an overview during the interview with SoloAzar, focusing on the innovative products presented at the event, the good reception from visitors, insights on the Colombian iGaming market, the latest technological trends incorporated into the platform, and the firm's approach to regulatory adaptation in the Latam market.

Friday 26 Apr 2024 / 12:00

Miguel Ángel Ochoa in GAT: "No casino has been closed due to money laundering or drug-related issues"

(Cartagena, SOLOAZAR Exclusive). One of the most interesting moments of the 25th anniversary edition of GAT Expo in Cartagena de Indias was undoubtedly the AIEJA panel dedicated to the Mexican gaming market. In this note, we review the key segments of the intervention of Miguel Ángel Ochoa, the president of AIEJA on that day.

Friday 26 Apr 2024 / 12:00

Connections, agreements and surprises for R. Franco Digital at the 25th edition of GAT EXPO

(Cartagena de Indias, Exclusive SoloAzar) - Guillermo Ruipérez, head of sales at R. Franco Digital, in an exclusive conversation with SoloAzar, emphasised the special focus on organisation and networking during the 25th edition of GAT EXPO. He highlighted the wide range of the integral products and services offered by the firm, as well as the international character of the event that consolidates it as an essential regional meeting point.

Thursday 25 Apr 2024 / 12:00

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