China is looking to mend what’s been going wrong with Macau’s casino gambling revenue by making big changes in the city’s leadership.
China has appointed several new officials as President Xi Jinping is scheduled to visit Macau this month.
Fujian-born Lei Wai Nong will replace Lionel Leong. Leong at present is the secretary for economy and finance. He has held the post since 2014.
Ho Iat Seng will also be sworn in as Macau’s chief on Dec 20. The lone member of the standing committee of the National People’s Congress, China’s Parliament, from Macau, Ho Iat Seng, won the local elections back in August. The legislative head of Macau works together with the mainland authorities to formulate and implement policies in the Chinese-controlled territory.
Macau’s casinos have been struggling with plummeting revenues amidst ongoing US-China trade war and prolonged protests in neighboring Hong Kong.
According to the figures released by Macau’s Gaming Inspection and Coordination Bureau (DICJ) casinos in Macau grossed MOP25b (US$2.84b) in revenue in November. The figure represents an 8.5% decline when compared with the revenue generated during the same period the previous year. Also, the overall revenue is down 13.5% from what the casinos generated in October 2019.