Fernando Chui Sai-on, who is taking the position of Chief Executive of Macau, promised that he and his administration will do their best to impose due restrictions on the administrative region’s gambling industry when the time for license renewals comes.
Earlier today, Mr. Chui gave his policy address, something that Macau’s head needs to do every year, in order to present community with administration’s plans about the future of the former Portuguese colony.
However, he pointed out that the new casino regulations might result in an increase in unemployment rate. Yet, Mr. Chui explained that measures need to be taken, so as the decline in gambling industry to be prevented from affecting the region’s non-gambling-related businesses.
As previously reported, Macau has been posting a significant decrease in revenue from gambling activities for more than nine months now and the downtrend is likely to be maintained, according to prominent gaming experts.
Mr. Chui also commented on his administration’s intention to review the renewal of the casino licenses on the territory of Macau. He said that operators will be required to offer more non-gambling activities on the premises of their properties.
What is more, the measures that will be taken will also include a stricter monitoring of the local gambling industry. The government of Macau will also urge gambling operators to promote responsible gambling.
Casino owners might also be asked to present both development and investment plans to the region’s regulator, so as to provide it with information for regular studies of the state of its gambling industry.
Mr. Chui pointed out that “efforts will be put” for residents to be prevented from losing their jobs, despite the above-mentioned measures that are to be taken. He also explained that the cash handouts of MOP9,000 for each of the region’s residents will be kept.
The distribution of cash handouts was introduced in 2008, as the government wanted to temper society discontent and demonstrations across Macau.
Mr. Chui’s public address comes as the administrative region posted a drop in gaming revenue for ninth consecutive month. It decreased almost 50% in February to reach MOP19.54 billion. This has been Macau’s most substantial drop, since 2010 when the Gaming Inspection and Coordination Bureau started collecting such data.
And as previously reported, the slump in city’s economy can be primarily attributed to the anti-corruption campaign Chinese President Xi Jinping launched last year, as well as to the visa restrictions, which, too, were introduced in 2014. This resulted in a decrease in the number of VIP players coming from Mainland China. A significant withdrawal of mass players was noticed, as well, as smoking restrictions were imposed on mass casino floors.
