NEW CHIEF EXEC FOR OFFSHORE GAMBLING HAVEN
31 July 2009
Fernando Chui elected Macau leader
From December 2009 the gambling island of Macau off the
shores of China will be under the control of a new chief
executive, reports Associated Press. The former Chinese
Culture Minister, Fernando Chui (52), has been selected
as the man to lead the island out of its tough times in
a five year tenure of office.
There are hopes
that Chui may be able to persuade central government in
Beijing to ease the visa restrictions on visits to Macau
by Chinese gamblers, a measure that has helped to
depress the gambling industry further in already
difficult economic times.
Chui's endorsement by
a 300-member panel loyal to Beijing has been
characterised as a formality: he was the sole candidate
for chief executive in the former Portuguese colony's
first leadership change since reverting to Chinese rule
in 1999.
The former culture minister will figure
prominently in shaping the gambling industry in Macau,
the only place in China where casinos are legal. After
years of spectacular growth that helped it overtake the
Las Vegas Strip, the territory's market has lost
momentum recently as a result of economic conditions and
the restrictions imposed on travel by Chinese citizens
to its gambling attractions.
Chui appears to be
taking a conservative approach, telling reporters: "We
will mainly follow these [existing] policies to allow
Macau's gambling sector to develop in a healthy manner
and hopefully it will hold an edge in Asia. The policy
for the next few years is basically set.
"Everyone has to work extra hard in this competition to
maintain the outstanding results that we have achieved
in the gambling sector in the past few years," he added.
Current CEO Edmund Ho put a cap on the issue of new
casino licenses and applications for additional gambling
tables or slot machines last year (see previous InfoPowa
reports).
Commenting on the change of Macau
leadership, casino magnate Stanley Ho, whose SJM
Holdings is Macau's largest gambling company by market
share, said he believed Chui wouldn't push for more
regulations on the industry. He suggested the new chief
exec could also help tame some of the acrimony among
Macau's six casino operators.
"He will ensure
that there should not be any fighting among the six of
us and we should work together for the good of the
citizens, for the good of Macau," said Ho, a member of
the election committee that picked Chui.
Chui
received 282 votes on Sunday, according to Chu Kin,
president of Macau's electoral affairs committee. He
will take office in December and serve a five-year term
after his appointment receives formal approval from
Beijing.
Online Casino News Courtesy of
Infopowa
More news here.
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