"Sam has promised to accelerate the current government's plan to boost tourism and other sectors such as traditional Chinese medicine, finance, exhibitions and commerce," the Associated Press reports. "However, the city will still need to rely on the gambling industry for government revenues to support the city's welfare and accomplish other goals laid out by Beijing, analysts say."
The island took a major economic hit during the pandemic when travel was greatly reduced, leaving casinos empty. Chinese officials are looking for a wider economy on the island now beyond casinos.
In a recent speech, the new leader outlined how he hopes to accomplish this by improving the island's overall business conditions and supporting small businesses. That could include using public funds to stimulate business sectors outside of gaming.
Investment bank JP Morgan remains bullish on the island's gaming sector overall, and has estimated October revenue at around $2.7 billion. That's an increase from other estimates in the $2.5 billion range.
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