Macau Names New Top Gambling RegulatorHigh-Powered Lawyer To Lead Gambling Hub |
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The world’s largest gambling hub has a new leader for its regulatory body. Macau’s Gambling Inspection and Coordination Bureau will be run by Assistant Public Prosecutor-General Paulo Martins Chan effective Dec. 1, according to a report from Asia Gaming Brief.
Current gambling regulator Manuel Joaquim das Neves, who has been at the helm of the Gaming Inspection and Coordination Bureau for 18 years and has witnessed Macau’s historic rise and dealt with its subsequent challenges, announced last month that he will be retiring. His term is over on Nov. 25.
Chan comes in as Macau just recently saw its 17th straight month of gaming revenue decline. Macau’s GDP fell 26.4 percent in the last quarter thanks to the casino industry’s struggles.
So far in 2015, gaming revenue is down roughly 36 percent. According to a report from Bloomberg, Macau gaming revenue is predicted to fall by another eight percent in 2016.
Beijing has indicated that it wants Macau to diversify and new casinos in the pipeline to provide more non-gaming attractions. The Chinese government has been engaged in a crackdown on what it perceives as corruption within Macau’s lucrative junket industry, which has been the way for high rollers to get access to funds, often in the form of credit, to gamble with.
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