Gov’t needs to do more and act faster, Angela Leong says

Angela Leong, executive director of SJM Holdings

Macau’s government needs to take more “concrete actions” to support the economy amid a 16-month casino downturn, including speedier decision-making and better planned infrastructure, said Angela Leong, executive director of SJM Holdings Ltd.
“Macau is such a small place and the government wants to diversify the economy. But they only talk when they should say how they would support” the city, Leong, who’s also mother to the youngest children of SJM’s founder Stanley Ho, said in an interview in Macau. SJM operates the largest number of casino tables in the city.
Macau’s economic growth tumbled 26.4 percent in the second quarter amid China’s economic slowdown and a corruption crackdown that caused VIP gamblers to avoid the city. Beijing is expected to introduce more policies this year to support the region, according to Li Gang, director of the Chinese government’s local liaison office.
SJM, founded by billionaire Ho who held a gambling monopoly in Macau for decades, owns 20 of the 35 casinos in the region and operates about a third of the more than 5,800 legal casino tables. It has been trying to diversify its operations by adding more non-gaming features.
While the Macau government has done a good job building up its reserves over the years of strong economic growth, “nobody expected the economy would drop so quickly,” Leong said in Macau.
Macau “hasn’t made its planning very well. When the economy reaches its low, you should do better on the infrastructure, transportation,” she said, citing as an example delays in completing a bridge that will connect Macau with Hong Kong and the city of Zhuhai in mainland China.
“Do you know how long we have been talking about the bridge? Ten, 20 years. That’s a long time,” the 54-year-old Macau lawmaker said. Her company is also waiting for government approval for about six years on her plan to build a new theme park, hotels and other non-gaming facilities next to SJM’s planned casino resort in Cotai.
Leong’s comments follow those of Las Vegas tycoon Steve Wynn earlier this month, when he criticized the authorities’ policy of limiting gambling tables and delays in informing operators of the number of tables casinos will receive. The administration fired back days later, saying casinos must fully comply with its rules. MDT/Agencies