Ambrose So, Chief Executive Officer of casino concessionaire Sociedade de Jogos de Macau (SJM), has recommended the next government to further diversify the economy. He also said the city can take no more than six casino licenses, reports local media Shimin Daily.
His comment was made on the sidelines of last Sunday’s Chief Executive Election, when sole candidate Ho Iat Seng secured 392 votes from a possible 400. So is an elector representing the industrial, commercial and financial sectors.
He said that given the size of Macau’s gambling sector, it would be counterproductive to the goal of economic diversification to issue extra gambling licenses. Extra licenses, he said, will lower the incentive to diversify the economy. Furthermore, it will stir unsettlement in the labor market, as the greater number of casinos implies a greater demand for workers.
He also pointed out that land resources are scarce in Macau. If the government requires casino operators to enrich their offerings by developing non-gambling facilities, more land will be needed.
So further supported his view by citing the fact that gross gaming revenues amounted to more than MOP300 billion last year, which he thinks sufficient to support the budget of the government. “Let’s save some land for other [industries],” he told Shimin Daily.
So said that the casino sector is supportive of the various policies of the government, and that it is aligned with the government’s aim to develop non-gambling products.
Nevertheless, in So’s estimation, the gambling sector will continue to be the leading industry of the city. The government should therefore make full use of the proceeds from the industry to help diversify the economy.
He also expressed his hope that the new Chief Executive-elect will lead the process of Macau’s integration with the Greater Bay Area. AL
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