Macau’s newly appointed Chief Executive Sam Hou Fai has announced his cabinet, revealing a balanced approach of continuity and reform. This move is widely regarded as an important step in guiding the world’s largest gambling hub towards a more diversified and sustainable economic future.

Secretary for Economy and Finance: Tai Kin Ip

At the helm of Macau’s economic strategy, Tai Kin Ip will play a vital role in reducing Macau’s reliance on gambling revenues, which currently account for nearly 80 percent of its tax revenue. A seasoned bureaucrat with extensive experience in the Economic and Technological Development Bureau (DSEDT), Tai is well-positioned to implement the government’s blueprint to expand sectors such as financial services, traditional Chinese medicine, and cultural industries. 

Secretary for Administration and Justice: André Cheong Weng Chon

A holdover from the current administration, Cheong brings decades of public sector experience. His leadership is expected to ensure continuity in administrative reforms, a cornerstone for sustaining Macau’s stable business environment. 

Secretary for Security: Wong Sio Chak

Retaining his position, Wong will oversee law and order in Macau. His expertise in security administration will be crucial for maintaining the region’s status as a safe destination for tourists and investors alike. 

Secretary for Social Affairs and Culture: O Lam

O Lam, with her extensive background in urban services and advisory roles, will oversee sectors critical to Macau’s tourism and cultural industries. Her mandate aligns with the government’s push to make leisure and cultural events key drivers of the economy. 

Secretary for Transport and Public Works: Raymond Tam Vai Man

Tam, known for his environmental expertise, will address Macau’s infrastructure needs. His role is pivotal in supporting the city’s expanding convention, exhibition, and tourism ambitions. 

Economic context: The need for diversification

Macau, often referred to as the “Las Vegas of the East,” has long dominated global gambling revenues. Recent figures highlight Macau’s supremacy, with its gross gambling revenue reaching nearly $10 billion in the first half of 2024, compared to Las Vegas’ $7.5 billion. However, over-reliance on this sector has made the economy vulnerable to external shocks, such as the COVID-19 pandemic.

In response, the government aims to increase non-gaming industries’ contribution to 60 percent of GDP, up from 50 percent pre-pandemic. Initiatives include developing traditional Chinese medicine, health services, and technology-driven ventures. 

Strategic vision for Macau’s future

Sam Hou Fai’s administration inherits a legacy of gaming-driven prosperity but faces the challenge of crafting a resilient economic model. The blueprint laid out by Tai Kin Ip and other cabinet members reflects a commitment to fostering innovation and broadening Macau’s appeal beyond gaming.

As the new government takes charge on December 20, the global community will be watching closely to see how Macau balances its rich heritage with ambitions for a diversified and sustainable future.

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