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FACTBOX: Five facts about Macau and new leader Fernando Chui
(Reuters) - Macau plans to diversify its economy away from the gaming industry over the next five years, its new leader Fernando Chui said on Sunday as the territory marked its 10th anniversary of return to Chinese administration.
Here are five facts about Macau and Chui:
* Macau reverted to China after centuries of Portuguese rule in 1999, two years after the return of the former British colony of Hong Kong next door.
* Revenues from Macau's $15 billion gaming industry overtook those of Las Vegas in late 2006 thanks to the liberalization of the casino sector in 2002, bringing in Las Vegas giants like the Sands and Wynn Resorts. But Macau has also been left vulnerable in the economic downturn, given its overwhelming reliance on casinos.
* Little known outside Macau, the U.S.-educated Chui served as Macau's Secretary for Social Affairs and Culture for 10 years until 2009, when he resigned to run for office. He hails from a prominent Macau family with wide commercial interests spanning property, tourism and finance.
* Analysts and gaming industry executives expect little change to Macau's gaming policies, with the downturn and Beijing-imposed travel curbs on Chinese visitors having hit the sector hard. Chui has pledged to diversify the economy and may face pressure to cut high gaming taxes, given competition from upcoming casinos in Singapore and Taiwan.
* Unlike Hong Kong, which held a contested chief executive election in 2007 and is inching toward universal suffrage in 2017, Macau has no such timetable. Its electoral system is heavily weighted in favor of pro-government candidates. Macau's chief executive is selected by a 300-person election committee stacked with Beijing loyalists. Its half million citizens have no direct say.
(Reporting by James Pomfret and Lee Chyen Yee; editing by Ron Popeski)
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