Macao's leader candidate vows to diversify economy amid casino reliance

Sam Hou-fai, the only candidate for Macao's leadership, has committed to diversifying the economy of the city, which has been heavily reliant on the gaming industry. This pledge comes in the wake of lessons learned from the COVID-19 pandemic, which severely impacted tourism and gaming sectors. The former top judge emphasized the need for economic diversification to prepare for potential future crises. He is expected to secure leadership in the upcoming vote on October 13, backed by significant nominations from the election committee. Chinese President Xi Jinping has previously expressed the importance of sustainable economic development in Macao, which is the only region in China where casinos are legal. The current Chief Executive, Ho Iat-seng, noted a decline in the gaming industry's contribution to the city's GDP, prompting a diversification plan that includes sectors like traditional Chinese medicine and finance. Critics have raised concerns about Sam's lack of business experience, but he argues that his long-term residency and judicial experience provide him with a solid understanding of the city's needs. As Macao seeks to recover and grow post-pandemic, the focus on diversifying its economy reflects broader goals set by Beijing for the region's future.