Macau chief executive candidate meets Big Six casino operators
Last month, when Sam announced his candidacy, he criticised the “large negative impact” of gaming on the Chinese special administrative region (SAR).
“There have been times [the industry] developed in a disorderly way and expanded wildly,” he said. He added that its dominance “squeezes the resources of our society… [and] affects our young people’s choice of employment and career.”
At the 12 September meeting, however, he acknowledged gaming’s contributions to the city’s economy and urged industry leaders to work toward a more resilient economic model.
Present at the meeting were:
- Pansy Ho, chairwoman and executive director of MGM China and Kenneth Feng, president and executive director of MGM China
- Wilfred Wong, executive vice-chairman of Sands China and Grant Chum, president and CEO of Sands China
- Lawrence Ho Yau, chairman and CEO of Melco Resorts & Entertainment
- Francis Lui, deputy chairman of Galaxy Entertainment Group
- Linda Chen, president, vice-chairwoman and executive director of Wynn Macau
- Daisy Ho Chiu Fung, managing director of SJM Resorts
Toeing the party line
Ieong Meng-u, professor of political science at the University of Macau, told the South China Morning Post that, despite his criticism of the industry, Sam is unlikely to “change the status quo, at least not in the next few years”.
“He described the gaming sector as developing ‘in a disorderly way’ because that’s how Beijing perceives it,” he said.
Seaport Research Partners analyst Vitaly Umansky believes the new CEO will understand “the importance of the gaming and hospitality industry to the economic well-being and future development of Macau.”
Gaming industry, plus four
From January through July, 84% of total Macau government revenue came from gaming taxes. Government leaders have set a goal to reduce that by more than half, deriving 60% of GDP from non-gaming going forward.
Last August, in his ‘1+4’ strategy for economic diversification, the current CEO Ho Iat Seng laid out a plan to add four additional pillar industries:
- Medicine
- Financial services
- Technology
- Special events
The Big Six have pledged to invest more than MOP108.7bn (£10.276bn/€12.2bn/$13.5bn) in nongaming over pursuits the next decade, a condition of their current licences.
Sam is presumptive winner
Sam is the former president of Macau’s Court of Final Appeal. He is unopposed in his quest to succeed Ho. He has cornered 383 of 400 elector endorsements ahead of the 13 October election.
Ho announced last month that he would not seek reelection due to health reasons. If elected, Sam will take office on 20 December.