Macau needs to diversify economy, safeguard national security -Chinese official
Reuters
Published May 23, 2023 11:25PM ET
Updated May 23, 2023 11:36PM ET
HONG KONG (Reuters) - Macau, the world's biggest 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.
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 (OTC:SCHYY), Wynn Macau (OTC:WYNMF), Galaxy Entertainment, SJM Holdings (OTC:SJMHF), Melco Resorts and MGM China (OTC:MCHVY) 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.
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Written By: Reuters
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