Through the speech of Macau leaders, there are urgent issues that have been pointed out through this speech. Specifically, in the opinion of Ho Iat Seng, the economy after the Covid-19 pandemic will become a major problem for countries around the world in general and Macau in particular. According to statistics, the tax revenue of this region almost comes from casino companies in the gambling industry accounted for 80%. Therefore, the government has been making efforts to focus on ensuring economic stability and developing labor protection policies.
The urgent issues shown in 2020 Policy Address
The head of Macau – Ho Iat Seng considers that there will be many big challenges after the Covid-19 pandemic for the economy while the region’s economy is heavily dependent on the casino industry, including the world’s largest casino center.
In his speech, Mr. Ho mentioned the impact of this dangerous virus as the Covid-19 “fully exposed the vulnerability and huge risks of Macau economy’s over reliance on gaming tourism.”. He also said that the government is paying attention to the most reasonable policies to combat the spread of pandemic as well as ensure economic stability and protect the rights of citizens.
Most Macau citizens are aware of the dangers of this pandemic as well as the serious problems they will face. This is also mentioned in Ho’s speech. In addition, he also analyzed and assessed the extent of the potential impact and “structural and deep-seated problems” on Macau’s economy.
Covid-19 pandemic in Macau
The first Covid-19 are found in mainland China and it very quickly appeared in Macau. because nearly every casino has Chinese and this number accounts for 90%. Therefore, it is easy to understand when this pandemic spread to Macau at a tremendous speed.
So far, there have been more than 45 cases of Covid-19 virus infection in Macau. The Macau government has spent over 6.27 billion dollars on the plan to deal with this pandemic.
The Macau government ordered all of the casinos that must close in February and the casinos must enforce strict prevention policies. Therefore, it greatly affects the revenue at these large casinos.
Macau – The center of the gambling world
Macau has been the largest gambling center in the world with over 80% of tax revenue coming from big and small casinos here. Not only that, the gambling industry in Macau also creates jobs for more than 600,000 citizens from all over the world.
Therefore, the Covid-19 pandemic was a fatal blow to the economy of Macau in particular and the world in general. The government must strive to restructure and make efforts to try to diversify the economy as well as seek a more solid and fertile revenue source for the country’s economy.
Ho Iet Seng said that he and his cabinet would be the best factor in changing the future of Macau. Because the licenses of 6 big main casinos in Macau will be time-expired in 2022, so they need a certain, clear and effective plan to shape Macau’s future.
Why did Ho say that? Because the Macau leaders don’t have any relation with gambling industry, so on December 20, 1919, indigenous people came to power of this fertile industry after being entrusted by the committee.
Generally, the impact of Covid-19 has a great influence on the economy and it is very difficult to rebuild a strong economic empire like before. The gambling industry is one of the services industry most affected as it seems that every major revenue source is dependent on this casino industry. Therefore, the leaders of Macau have also voiced to find solutions and protect civil rights for all people in Macau.