{"id":8324,"date":"2022-11-24T00:00:00","date_gmt":"2022-11-24T00:00:00","guid":{"rendered":"https:\/\/www.mundovideo.com.co\/en\/asia\/macau-to-ditch-gambling-hub-image-in-next-decade-secretary\/"},"modified":"2022-11-24T00:00:00","modified_gmt":"2022-11-24T00:00:00","slug":"macau-to-ditch-gambling-hub-image-in-next-decade-secretary","status":"publish","type":"asia","link":"https:\/\/www.mundovideo.com.co\/en\/asia\/macau-to-ditch-gambling-hub-image-in-next-decade-secretary\/","title":{"rendered":"Macau to ditch \u2018gambling hub\u2019 image in next decade \u2013 Secretary"},"content":{"rendered":"<p style=\"text-align:justify\"><span style=\"font-size:12pt\"><span style=\"font-family:Calibri\"><span style=\"font-size:14.0pt\"><span style=\"font-family:Arial\">Secretary for Economy and Finance Lei Wai Nong has pointed out the need for Macau to change its reputation as a gambling city, saying that the next ten years would serve as a turning point for non-gaming to evolve into another major pillar of the city&rsquo;s economy.<\/span><\/span><\/span><\/span><\/p>\n<p style=\"text-align:justify\"><span style=\"font-size:12pt\"><span style=\"font-family:Calibri\"><span style=\"font-size:14.0pt\"><span style=\"font-family:Arial\">At a Legislative Assembly (AL) plenary session this afternoon where lawmakers expressed concern over the future of the city&rsquo;s gaming industry, the official said that gambling would have to make way for other sectors &ndash; such as MICE, culture, modern finance and Chinese medicine &ndash; industries that Macau has to pursue and develop in the long run at the behest of the country. <\/span><\/span><\/span><\/span><\/p>\n<p style=\"text-align:justify\"><span style=\"font-size:12pt\"><span style=\"font-family:Calibri\"><span style=\"font-size:14.0pt\"><span style=\"font-family:Arial\">Lei&rsquo;s remark comes after the legislature&rsquo;s president Kou Hoi In said that the city is still regarded by most mainland Chinese people as a gambling city. He asked what should be done by the government to bust the longstanding stereotype.<\/span><\/span><\/span><\/span><\/p>\n<p style=\"text-align:justify\"><span style=\"font-size:12pt\"><span style=\"font-family:Calibri\"><span style=\"font-size:14.0pt\"><span style=\"font-family:Arial\">The official said that gaming concession bidders had been required to expand their non-gaming investment during negotiations so that both non-gaming and gaming could develop hand-in-hand to make the city more competitive on the global stage in the long run. <\/span><\/span><\/span><\/span><\/p>\n<p style=\"text-align:justify\"><span style=\"font-size:12pt\"><span style=\"font-family:Calibri\"><span style=\"font-size:14.0pt\"><span style=\"font-family:Arial\">If not, the source of tourists to Macau will lack diversity, Lei stressed. <\/span><\/span><\/span><\/span><\/p>\n<p style=\"text-align:justify\"><span style=\"font-size:12pt\"><span style=\"font-family:Calibri\"><span style=\"font-size:14.0pt\"><span style=\"font-family:Arial\">However, the secretary also conceded that it would take time for such an economic transition to come to fruition, yet saying that the government would take the lead in making it happen.<\/span><\/span><\/span><\/span><\/p>\n<p style=\"text-align:justify\"><span style=\"font-size:12pt\"><span style=\"font-family:Calibri\"><span style=\"font-size:14.0pt\"><span style=\"font-family:Arial\">It was revealed earlier that local authorities requested gaming licence contenders to invest as much as <span style=\"color:black\">MOP$100 billion <\/span>(US$12.4 billion) over the next decade, with Galaxy Entertainment Group and Sands China to fork out more than MOP$20 billion each, and the remaining four to pour about MOP$15 billion each.<\/span><\/span><\/span><\/span><\/p>\n<p style=\"text-align:justify\"><span style=\"font-size:12pt\"><span style=\"font-family:Calibri\"><span style=\"font-size:14.0pt\"><span style=\"font-family:Arial\">Nobody in Macau expects to see a glitzy and glamourous Cotai develop further at a cost to local neighbourhoods, the secretary added.<\/span><\/span><\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The official said that gaming concession bidders had been required to expand their non-gaming investment to make the city more competitive on the global stage in the long run.<\/p>\n","protected":false},"author":1,"featured_media":5725,"menu_order":304,"comment_status":"open","ping_status":"open","template":"","format":"standard","meta":{"inline_featured_image":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[],"tags":[4213],"class_list":{"0":"post-8324","1":"asia","2":"type-asia","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"tag-macau-secretary-for-economy-and-finance-lei-wai-nong-macau","8":"entry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - 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