Macau moves to beef up casino regulation by appointing security minister to gaming watchdog
Casinos in former Portuguese enclave face tough times as revenues dive and crime increases
Macau has moved to centralise and boost control of its troubled casino industry by beefing up a regulatory body which has effectively been dormant for years.
Wong Sio Chak, Macau’s secretary for security, has been appointed a member of the former Portuguese enclave’s gaming commission.
Casino revenue figures confirm terrible year for Macau’s biggest industry
Insiders say the move – which effectively puts gaming policy and oversight in the hands of Chief Executive Fernando Chui Sai-on and his inner cabinet – signals the reactivation of the body that was set up 16 years ago but hasn’t met in years.
The move will tighten Beijing’s grip on the sector, which is suffering massive losses as it attempts to reinvent itself amid rising crime rates and falling gaming revenues.
It also follows an International Monetary Fund prediction that the city – which previously boasted the highest GDP in the world – is set to join basket case failed states such as South Sudan and Equatorial Guinea with the highest percentage year-on-year decrease in GDP this year.
Wong’s appointment comes at a time when casino revenues have slumped to lows not seen in five years and casino operators are struggling to boost visits by big spenders to their extravagant resorts.