Sam Hou Fai Announces Bid for Macau Chief Executive; Stresses Need For Macau to Diversify Away From Gaming

August 30, 2024 Macau Events & Announcements

Sam Hou Fai, the former President of the Court of Final Appeal, has officially declared his candidacy for the Macau Chief Executive election.

Speaking at a press conference on August 28, 2024, Sam emphasized the urgent need for economic diversification in Macau, criticizing the city’s heavy reliance on the gaming industry. The candidate also indicated that the Chinese central government has given clear directions for Macau to diversify away from gaming.

Sam’s campaign is centered around the belief that Macau’s future development is at risk if it continues to depend predominantly on gaming. He argued that the city needs to pursue a more balanced and diversified economic strategy. “Having only the gaming industry dominate” is detrimental to Macau’s future development, Sam was quoted as saying in an August 28 report published by Inside Asian Gaming.

The candidate noted that while Macau’s gaming industry has driven rapid economic growth, it has also led to significant imbalances. He pointed out that the disorderly development of the gaming industry has affected Macau’s manpower resources and the development of employment opportunities for young people. Sam stressed that economic diversification is not merely a choice but a mandatory directive from the central government.

Sam’s candidacy comes after the announcement that current Chief Executive Ho Iat Seng will not seek a second term due to health issues. As of now, Sam is the only official candidate for the role. The nomination period for the election starts on August 29 and will continue until September 12, with the election scheduled for October 13, 2024.

During his press conference, Sam expressed his commitment to addressing the economic challenges Macau faces. He acknowledged that the gaming sector’s dominance has created an “unbalanced” economy, with negative effects on the local job market and younger generations. “Economic diversification is a mandatory issue, it is a directive of the central government and the will of the population,” he said.

Despite ongoing efforts to diversify, Macau’s economy remains heavily influenced by gaming. For instance, Macau’s gross gaming revenue surged by 36.7 percent year-on-year to MOP132.2 billion ($16.4 billion) between January and July 2024. The city’s GDP also grew by 15.7 percent year-on-year in the first half of 2024, reaching MOP204.3 billion ($25.4 billion).

Sam also highlighted the impact of the COVID-19 pandemic on Macau’s economy, which exacerbated issues such as insufficient recovery for small and medium-sized enterprises. He promised to focus on supporting innovation and transformation in these sectors, as well as revitalizing the community economy.