Secretary for Economy and Finance, Francis Tam Pak Yuen, said yesterday that the Government will strive to make sure the gaming industry will grow gradually and according to the Government’s planning.
Speaking to reporters on the sidelines of a public event, the official said that he is confidant that the plans to cap gaming tables will be accomplished.
In March, the Government announced that the ceiling for the number of gaming tables for the next three years was set at 5,500. The ceiling was set and, according to Tam, will not be amended until 2013.
Furthermore, from that year on, the growth of the number of gaming tables is only allowed to go up between 3 to 5 percent annually.
“For sure, there could be an adjustment [in 2013] according to the needs of Macau. However, this is our policy,” the secretary stressed.
Currently, Macau’s six gaming concessionaires operate 4,838 tables. Sands China and Galaxy Entertainment Group are set to open new mega-resorts in Cotai next year, and they will not be able to add more than 700 gaming tables between both properties.
Some operators have said that they are in no hurry to build new properties, at least until the moratorium is lifted.
Meanwhile, Tam said the same policy will be applied to the land granting for the gaming industry. “The land granting process is not made under the concessionaries’ needs. We will make an overall plan,” he stated.
The official also warned that the pending gaming development projects have to wait longer for approval. “In the future, it will take some time to approve the concessionaries’ projects,” he added.
“According to our policy, the development of the gaming industry has to be done orderly, phased and gradually.”
Tam also showed that the Government has taken into consideration the Chinese Premier Wen Jiabao’s advice of addressing more of the concerns of the poor and low-income groups. He said the Government will attach more attention to the society and the impact of inflation.
Asked if the Government is considering changing the peg of the local currency, the secretary reiterated that there are no plans to do so. The Pataca is pegged to the Hong Kong dollar, and despite some people calling to change it to the Yuan, the system will not change, he concluded.
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