New Macau chief brings hope of gaming recovery
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The election of Macau’snew Chief Executive, Fernando Chui, has raised hopes of a recovery for casinos,which have been hurt by restrictions on mainland Chinese visitors and theeconomic downturn. According to a Bloomberg report, Chui’s appointment islikely to bring improved relations with the mainland.
“There are expectations that the new chief executive willsmooth relations with China,” Willy Lam Wo-Lap, Professor of History at TheChinese University of Hong Kong, was quoted saying. “Macau’seconomy is very dependent on the mainland. One of the reasons for the downturnwas the recent visa requirements for people coming to Macau.”
China in May 2008 limited travel by its citizens to Macauto once a month, and later cut the limit to once every two months, harming themain source of business for the casinos.
The election result provides “me with incentive andencouragement,” Chui was reported saying in a statement. “I am now ready totake firm action and start out on the mission bestowed upon me by the new era.”
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