Sam Hou Fai says moderate economic diversification is essential for the city’s development.<\/p>\n\n\n\n\n\n\n\n
Macau.- Sam Hou Fai<\/strong>, one of the candidates for the position Macau chief executive, has emphasised the need for “moderate economic diversification.” The former judge, who has recently stepped down as president of Macau’s Court of Final Appeal, announced his intention to run for the role of chief executive during a press conference on Wednesday (August 29).<\/p>\n\n\n\n During his speech, he said adequate economic diversification was essential for the city’s development and stressed that while gaming has driven rapid development since 1999, it has led to imbalances in the economy and workforce.<\/p>\n\n\n\n Gaming revenue peaked at 63 per cent of\u00a0Macau\u2019s\u00a0economic output between 2011 and 2013. By 2019, the share had declined to 51 per cent, with gross gaming revenue (GGR) at MOP292bn. In 2023, the gaming industry made up 36.2 per cent of Macau\u2019s gross domestic product (GDP)<\/a>.<\/p>\n\n\n\n Last November, the government said it expected the non-gaming sector to contribute approximately 60 per cent<\/a> of GDP by 2028. When renewing their gaming licensees, casino operators collectively pledged\u00a0to invest a minimum of MOP108.7bn (US$13.48bn) in non-gaming initiatives<\/a> and explore overseas markets.\u00a0<\/p>\n\n\n\n Ho Iat Seng<\/strong>, has announced that he will not seek re-election as chief executive due to health reasons. He will be the first chief executive not to do so since elections were first held in 1999. The election will be held on October 13, with the next CE to take office on December 19. Iat Seng was elected on August 25, 2019 and was sworn in on December 20 of the same year.<\/p>\n\n\n\nMacau chief executive won\u2019t run for second term<\/h2>\n\n\n\n