Warning over reliance on gaming industry in wake of COVID-19

Gaming machines sit on the gaming floor of the MGM Cotai casino and resort in Macau, China. EPA-EFE/JEROME FAVRE

Reading Time: < 1 minute

Macau’s leader Ho Iat Seng said on Monday that the world’s biggest gambling hub was too dependent on the casino industry, warning that the Chinese territory was facing acute challenges as it emerges from the coronavirus outbreak.

Making his 2020 policy address, Ho said the focus this year would be on dealing with the epidemic, maintaining economic stability and protecting the livelihood of citizens in the special administrative region.

“We should be soberly aware of the problems and challenges facing the development of Macau. Some structural and deep-seated problems are beginning to emerge and affect the sustainable development of the social economy.”

Ho said that the coronavirus had “fully exposed the vulnerability and huge risks of Macau economy’s over reliance on gaming tourism.”

The government will spend over 50 billion patacas ($6.27 billion) in response to the epidemic. Macau has had 45 cases of COVID-19 so far.

Read more via Reuters

%d bloggers like this: