Macau’s Chief Executive, Sam Hou Fai, has been in office for two months and is about to deliver his first policy address. While there has been some concern around his attitude towards the city’s sizeable gaming industry, Sam outlined his views on Thursday morning while attending the first plenary session of the 2025 Economic Development Commission.
In a speech, the Chief Executive recognized the threat that increased regional competition posed to Macau’s number one economic driver and again called for continued efforts to diversify the economy.
“In the face of the surrounding environment, competition in the tourism and gaming industry in Macau is intensifying, and the risks and challenges brought to Macau should not be overlooked,” he said.
“The monotonous structure of visitor sources, the imbalance in the government’s tax revenue and the lack of innovation – these are major problems that still need to be improved and resolved.
“At the internal economic level, it is expected that the structural problem of ‘one industry dominates’ will continue for some time and I am afraid that it will be difficult to realize a change in the short term.”
After the outbreak of the COVID-19 pandemic, the then-Macao SAR Government put forward the “1+4” proposal for diversified development in the hope of breaking away from such reliance on gaming.
In the face of this diversified development, Sam Hou Fai believes Macau’s economic situation is gradually improving along with major economic indicators, and that the work of promoting economic diversification is being pushed forward in an orderly manner.
However, he warned, “The development of diversified industries has not been as expected by society and the new consumption pattern and the change of consumption concepts are bringing great challenges to Macau.
“I hope that all sectors of the community will pool their wisdom to solve the problems brought about by the process of economic recovery.”
The Chief Executive emphasized that with the support and leadership of the Central Government, the long-term trend of Macau’s economy remains unchanged.
Before assuming office, Sam referenced the “barbaric expansion” of the gaming industry in Macau and said such dominance was not conducive to the city’s long-term development.
