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Gambling: Fernando Chui elected Macau leader
From December 2009 the gambling island of Macau off the shores of China will be under the control of a new chief executive, reports Associated Press. The former Chinese Culture Minister, Fernando Chui (52), has been selected as the man to lead the island out of its tough times in a five year tenure of office.
There are hopes that Chui may be able to persuade central government in Beijing to ease the visa restrictions on visits to Macau by Chinese gamblers, a measure that has helped to depress the gambling industry further in already difficult economic times.
Chui's endorsement by a 300-member panel loyal to Beijing has been characterised as a formality: he was the sole candidate for chief executive in the former Portuguese colony's first leadership change since reverting to Chinese rule in 1999.
The former culture minister will figure prominently in shaping the gambling industry in Macau, the only place in China where casinos are legal. After years of spectacular growth that helped it overtake the Las Vegas Strip, the territory's market has lost momentum recently as a result of economic conditions and the restrictions imposed on travel by Chinese citizens to its gambling attractions.
Chui appears to be taking a conservative approach, telling reporters: "We will mainly follow these [existing] policies to allow Macau's gambling sector to develop in a healthy manner and hopefully it will hold an edge in Asia. The policy for the next few years is basically set.
"Everyone has to work extra hard in this competition to maintain the outstanding results that we have achieved in the gambling sector in the past few years," he added.
Current CEO Edmund Ho put a cap on the issue of new casino licenses and applications for additional gambling tables or slot machines last year.
Commenting on the change of Macau leadership, casino magnate Stanley Ho, whose SJM Holdings is Macau's largest gambling company by market share, said he believed Chui wouldn't push for more regulations on the industry. He suggested the new chief exec could also help tame some of the acrimony among Macau's six casino operators.
"He will ensure that there should not be any fighting among the six of us and we should work together for the good of the citizens, for the good of Macau," said Ho, a member of the election committee that picked Chui.
Chui received 282 votes on Sunday, according to Chu Kin, president of Macau's electoral affairs committee. He will take office in December and serve a five-year term after his appointment receives formal approval from Beijing.
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2017 Aussie Millions Event 1 -
The Melbourne-based player bested a field of 1,565 entries - 245 up on last year's equivalent - to end up in the heads up with New Zealnad's Qiang Fu, but not before both he and Qiang had narrowly escaped at the four-handed stage when they were the low stacks.
Swiss Reject idea to Block Gambling Websites -
The Legal Affairs Committee of the Swiss National Council has nixed new regulations which would have blocked access to online gambling sites in Switzerland, according to local media reports Tuesday.
Growth Ahead For Online Gambling -
Transparency Market Research has issued a teaser on its latest international online gambling and betting survey, forecasting that the industry will grow at a Compound Annual Growth Rate (CAGR) of 10.8 percent by 2024.
New Qubit software For SkyBetting -
#qubit Sky Betting & Gaming aims to top its record 50 percent revenue growth last year with new player differentiation software and expertise provided by the Qubit company.
Slotfather II Slot Launching -
#betsoft The first is a sequel to the popular gangster-themed online slot Slotfather, unsurprisingly titled Slotfather II, whilst the other is a new 243 ways-to-win game titled Fa Fa Twins..
Massachusetts Online Lottery Bill -
Flanagan's confidence was clearly boosted by the bill's success in the Senate last year, although it was not developed by the House and ran out of time.
Italy Doing Well With Online Sports betting -
The latest numbers from the Italian regulator show that online sports betting remains king when it comes to internet gambling in the market, generating Euro 391.8 million in turnover in December 2016.
Michigan To Reintroduce Online Gambling Bill -
#Michigan state Sen. Mike Kowell's staff have confirmed that the senator plans to reintroduce his online gambling legalization bill, which failed to make it through the last legislative season.
MGM Buys DC office building For lobbying team -
#MGM Resorts International has bought a new Washington, D.C., office building for its in-house lobbying team, led by former chief counsel to the now retired Nevada Sen. Harry Reid, Ayesha Khanna.
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