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In his indiscriminate flinging of cash at Macau residents, no doubt Chief Executive Edmund Ho Hau-wah won many supporters. But for some the handout, that will cost MOP 2.6 billion, was a shameless spend, spend, spend bid to defuse rising social tension and refashion the image of a government that has been tagged by many residents as lacking vision and uncaring. It can be argued that it’s not economically irresponsible. Macau’s booming economy means that spending is not a problem. Noone is questioning that. It is more questionable whether the spending is responsible and equitable and what impact it will have on inflation. In making the announcement in April, Mr Ho said the subsidy was an “immediate solution” to inflation. Since then Secretary for Economy and Finance Francis Tam Pak Yuen admitted the MOP 5000 payout for Macau’s 480,000 permanent residents and MOP 3000 [...]
There was no hard sell necessary; just contented smiles all round. Quickly following Macau Chief Executive Edmund Ho Hauwah’s announcement in April of a host of measures aimed to cool the region’s gaming boom, it seemed clear that the six existing operators had just been handed a cash cow. Exclusive rights to the world’s most lucrative gaming market, shutting out any immediate threat of further competition, including from the world’s largest gaming company by revenue, Harrah’s Entertainment. So what exactly does the announcement mean for Macau’s six gaming operators and [...]
