It was either this or have everybody is the moment to decide. At a time go on witnessing public investments
at the table just to later remove all when the city’s gaming sector is that border on ridiculous.
the importance that the commission still going strong, each day that The public investment execution
had. We’ve already had one ‘virtual’ passes is a missed opportunity that rate, which reached 83 percent in
commission, the last thing we need is we’ll surely live to regret. 2003 – prior to the inauguration of
another. the first post-liberalisation casino -
My own doubts on this question fell to 51 percent in 2007, 39 percent
go beyond a few mere attempts to talkIng of strategIes, our fIngers in 2008 and, in the first 11 months of
influence. are crossed that Chui Sai On will act 2009, to just 18 percent.
Whether you liked the way Jorge with determination and alacrity in It would be funny if it wasn’t so
Oliveira acted or not, it was he that announcing a strong policy of public serious.
industry analysts sought out. It was with investment during his term - although One could think that the
him that the bank syndicates discussed common sense dictates that he should government is saving money because
the details pertaining to governmental have done it already. it fears the consequences of the
guaranties of essential loans to In the middle of the month, when crisis, but the truth is that the savings
investors. he gives his speech in Macau’s small started much earlier.
Who will replace him and how parliament, we expect him to revert to Several factors have contributed
long will it take for the replacement to the sad tendency in the government’s to this reality: the Ao Man Long
achieve such international credibility, handling of public investment - case (the former secretary for Public
are interesting questions. known by the Portuguese acronym Works sentenced to 27 years in prison
As a footnote, allow me a lesser PIDDA - and to talk about only a for corruption) and the undeniable
doubt: if Edmund Ho thought it was tiny fraction of the total amount the inability to make necessary but
OK to allow the creation of a private government expects to spend each unpopular decisions. According
team with legal experts that previously year. to official provisional figures, the
accompanied Jorge Oliveira - and to As Macau Business explained in 2009 budget resulted in a MOP23.8
hire that team to perform a number of its February issue, public investments billion surplus (nearly US$3 billion),
tasks - does the creation of this new have been, until now, embarrassingly representing more than 40 percent of
commission mean that a new strategy low to say the least. that year’s total revenues.
is being set in motion and that those When the Secretary for Economy Overall, revenues reached
same tasks can now be performed and Finances announces that he MOP57.6 billion and expenditures
by other elements from within the expects positive growth in 2010, MOP33.8 billion. The greatest source
government, and that those who were when Macau’s GDP is expanding of revenue, at MOP41.8 billion, was
allowed to become independent are and when the Monetary Authority direct taxes on gaming, amounting to
now being let go? of Macau (AMCM) is confident of almost a billion more than in 2008.
It would be advisable to answer an expansion in gaming revenues But the forecasted investments were
these questions soon and to have – after new records being set last not fully carried out.
adequate solutions soon after. year - and he also projects a growth What’s even more confusing is
Macau has no time to waste on in investment (with the private ones that the government is predicting
in-fighting and now, more than ever, mainly in the gaming area), we can’t revenues of just MOP46.4 billion
March 2010
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124 |
Page 125 |
Page 126 |
Page 127 |
Page 128 |
Page 129 |
Page 130 |
Page 131 |
Page 132 |
Page 133 |
Page 134 |
Page 135 |
Page 136 |
Page 137 |
Page 138 |
Page 139 |
Page 140