EDITORIAL – Change | Macau Affairs

Macau Business Editorial | December 2021 | By Jos̩ Carlos Matias РDirector

“If we want things to stay as they are, things will have to change.” The famous quote from the novel by Giuseppe Tomasi di Lampedusa Il Gattopardo has been widely used to refer to situations where the best recipe for maintaining the status quo is to embrace managed change.

That being said, these days in Macau the status quo – as usual – is apparently not the end of the game anymore in many ways, and the gaming industry is one example of that. Recent developments – the detention of the SAR Supreme Junta leader and the key final verdict in the Dore case – are likely to lead to substantial changes as well as the medium and long term external impact of COVID – 19 still unpredictable.

Those who have the upper hand can identify at this critical time a window of opportunity for what is seen as a much needed and long overdue restructuring and correction. In the same vein, it may be the moment to make Macao less the Hell of the game in Jean Delannoy’s 1939 film and more the Family Entertainment Heaven (and why not a haven of peace?) Presented in the A center(World Center of Tourism and Leisure) component of the master plan of the city and the region.

Since, as we all know, achieving such a desirable goal will take time, perhaps this crossroads can become the birthplace of a History Accelerator? On the other hand, what if – thought perishes – things get out of hand?

It should be borne in mind that the post-transfer Pax– the social contract – relies to a large extent on solid prosperity and stability.

To what extent what we are experiencing is transitory, and to what extent will it translate into permanent arrangements?

There is uncertainty at this point – pretty much everywhere and around the world. These aren’t the best times for the people in the crystal ball business. While authorities will have to keep their options open, holding their cards too close to their chest for an extended period of time might not be the best option. The managing director hinted at the possibility of extending the current concessions and sub-concessions, if there is no time to complete the revision of the gaming law and prepare a public tender in time before the expiration in June 2022. casino concessions. For key players, anything that brightens the horizon would be welcome.

In the meantime, it is of the utmost importance to tackle the critical issues arising from a tougher labor market, higher underemployment, the collapse of small businesses and declining incomes for businesses. households, among other social issues.

The political speech for 2022 includes a number of key supportive measures, but the chief executive acknowledged the likely need for further measures given the current context and the example of the past two years, not to mention structural challenges. longer term looms on the horizon. .

And while the city’s rainy day fund, combined with the support and long-term vision provided by Beijing and the deep-rooted pragmatism of the locals, will provide protection against headwinds, those only assets, well. than essential, will not necessarily be sufficient to weather the storm.

While we badly need the city’s winning streak to return, ruling the SAR these days requires a lot of perspiration and inspiration. Ho Iat Seng and his cabinet know this too well.

In the meantime, one could reverse Tomasi’s quote: “If we want things to change, a number of things will have to remain as they are (were)”.

Previous Federal Court rejects Justice Department's innovative, extraterritorial effort to extend FCPA jurisdiction to foreign agents
Next The impact of the law on corrupt practices abroad on boards of directors