The world’s biggest gambling center has a brand new leader for its regulative body.
Asia Gaming Brief’s report suggested that Assistant Public Prosecutor-General Paulo Martins Chan will run Macau’s Gambling Inspection and Coordination Bureau effective 1st Dec.
Manuel Joaquim das Neves, the current gambling regulator, who has been at the head of Gaming Inspection and Coordination Bureau for around 18 years and has seen Macau’s historic rise and also dealt with its accompanying challenges, last month said that he would retire. His term is over on 25th Nov.
Just recently, Chan comes in as Macau checked its seventeenth straight month of gaming revenue decay. Macau’s GDP has fell around 26.4% in the last quarter thanks to the casino industry’s struggles. As of now, this year, gaming revenue is down around thirty-six percent. A reports covered by Bloomberg said that Macau gaming scene revenue is prefigured to fall by another 8% next year.
Beijing has pointed that it wants Macau to diversify in a lot of ways and brand new casinos in the pipeline to offer more non-gaming attracters. The Chinese government has been engaged in a crackdown on what it perceives as corruption within Macau’s remunerative junket industry that has been the way for high rollers to get at funds, more often in the credit form, to gamble with.