The Secretary for Economy and Finance, Mr Leong Vai Tac, speaks to reporters.
The Secretary for Economy and Finance, Mr Leong Vai Tac, said it was difficult for the Government to predict – at this stage – the city’s gaming revenue for the second half of 2016, given the uncertain and volatile environment in international markets. The Government has been paying close attention to the “L-shaped” growth of the economy worldwide and the possible continuation of such a pattern in the near future, Mr Leong told reporters on Friday (29 July). However, he said Macao’s economic outlook in the second half of the year was positive: after years of expansion, the city’s efforts in promoting non-gaming offerings had been proven effective in attracting a greater number of family visitors. Additionally, local industries had been either developed or enhanced to strengthen further Macao’s economic competitiveness. In addition, the Secretary said the Government was evaluating applications – by Macao resorts that would soon begin operation – for new-to-market live-dealer gaming tables. The principles applied when dealing with applications for new-to-market gaming tables had not changed: such tables must account for no more than 3 percent growth annually – measured on a compounded basis – in the total number of those gaming products in the market. The cap policy applies up to the beginning of the year 2023. The Government would also take into consideration the following: whether a new project would contribute to the transformation of Macao into a world centre of tourism and leisure; the degree of each project’s integration in business terms with local small- and medium-sized enterprises; and what each resort had to offer in terms of non-gaming elements. Mr Leong also commented on issues relating to the Dynamic Macao Business and Trade Fair, a Government-subsidised roadshow visiting places on the mainland that is designed to promote Macao’s tourism and trade services. The Government would consider measures to optimise the current mechanism for subsidy related to the roadshow, in order to ensure public funds were spent on promoting Macao as a city of quality and integrity, he said. The Secretary stated he had directed the Macao Trade and Investment Promotion Institute to submit a report providing full details on the issue.