Macau needs to diversify economy, safeguard national security -Chinese official

Reuters

Macau needs to diversify economy, safeguard national security -Chinese official

2023 5월 24 일, 오전 3:14 GMT

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HONG KONG, May 24 (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 1928.HK, Wynn Macau 1128.HK, Galaxy Entertainment 0027.HK, SJM Holdings 0880.HK, Melco Resorts MPEL.O and MGM China 2282.HK 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.

Reporting by Farah Master and Twinnie Siu; Editing by Edwina Gibbs

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