Macau’s new Chief Executive-elect Ho Iat Seng promised gambling and tourism industries are on his agenda and that he will protect them.
Macau.- The election of a new Chief Executive in Macau had worried some people about potential changes. However, the elected official, Ho Iat Seng, promised to protect gambling and tourism and their futures.
Ho spoke at a media conference in Beijing and said: “Macau cannot afford to fall into chaos. Macau is a tourism city. Our major revenue comes from tourism and the gambling industry. We need to protect people’s livelihood.”
That’s why he will aim to control protests and take measures to improve security.
Ho also addressed one of the main topics in Macau and its gambling industry: the expiration of its gaming concessions. He explained that the authorities are already developing a draft. Also, that it would be refined and amended once the new administration takes over in December.
Current chief executive Fernando Chui Sai On confirmed the launch of a Macau licence tender process before the current ones expire in 2022.
The executive made the announcement during a Legislative Assembly but didn’t give any timeline for it. Macau casinos await for the confirmation.
The government had just renewed MGM China and SJM Holdings licences, extending them until 2022. Their previous permits were set to expire in 2020 but were prolonged to match the rest of the group.
According to Bernstein analysts, criteria for the concessions would likely include several commitments. That covers non-gaming offerings, improved labour rights or working conditions for the employees.