Multitasking in Macau

For Oliver Leung, the opportunity to work in Macau enabled him to not only take on a new challenge and expand his skills; it also allowed him to reconnect with friends he had not seen since childhood.

Leung, the CFO and director at landmark entertainment complex L’Arc Macau Group and CFO at Lisboeta Macau, spent his formative years on the peninsula before moving to Hong Kong to study. His return was prompted by a friend advising him that L’Arc Group was looking for an experienced Hong Kong accountant – preferably with Macau residency – to join their team. ‘I was at a plateau in my career at that moment,’ Leung says. ‘It was a great opportunity for me to join a group covering different industries, and I believed that this might help enhance my professional profile.’

Nicknamed ‘the Las Vegas of Asia’, Macau has built a reputation as a major tourist and entertainment destination, drawing visitors from China and neighbouring countries. Leung’s dual roles put him at the heart of the Special Administrative Region’s (SAR) most lucrative sector.

Operating within the same group, L’Arc Macau offers hotel, dining and apartment services, with an emphasis on gaming entertainment, while Lisboeta Macau features integrated and family-friendly themed hotel rooms and restaurants, as well as the H853 Fun Factory ‘retailtainment’ mall.

Leung’s responsibilities in both businesses include providing regular reports to management on company operations, managing financial relationships with banks, and stakeholder management.

Bridging the gap

An important part of Leung’s role involves explaining how accounting standards impact on business performance for those from a non-financial background. ‘I am the bridge to explaining the difference between accounting standards and business performance,’ he explains.

With both businesses operating in the same sector, there is a fair amount of overlap, and seeking out the synergies is vital. ‘As a management team, we have to explore ways to help each other for business synergy, and also to enhance guest experience with each hotel’s own strength, which is challenging,’ he says.

Pandemic challenge

Like all economies reliant on tourism, Macau was hit badly by the Covid-19 pandemic. But the impact was greater in the SAR, where, in 2019, tourism accounted for 50% of GDP – the highest percentage globally. ‘The biggest challenge during the pandemic was that the number of tourists plummeted, essentially eliminating 90% of the business,’ says Leung.

As an act of social responsibility, neither company laid off staff during the period, while also responding to the government’s request to provide hotel rooms for quarantine purposes. Meanwhile, Leung worked hard to keep shareholders and business units informed, as well as exploring cost-saving options. This proactive approach helped the business to recover quickly; by October 2023 visitors numbers had bounced back to 80%-90% of levels for the same period in 2019.

Learning curve

Before returning to Macau, Leung spent over a decade at PwC Hong Kong, where he specialised in asset management. Seeking to broaden his knowledge of the commercial side and real-world business operations, he then ventured into industry, working as a senior finance manager at CITIC Capital; this broadened his skills to include the setup of real estate and private equity funds.

Despite his familiarity with Macau, Leung had much to learn in terms of the local business environment. ‘I found that the company laws and tax regulations in Macau are very different from those in Hong Kong,’ he explains.

While the number of locally qualified accountants in Macau is not as large as in Hong Kong, accounting organisations work closely together, and, in order to better equip himself, Leung studied for the Macau CPA exam.

Leung’s learning journey began in Hong Kong when he joined CITIC Capital and pursued the Financial Risk Manager qualification. ‘When I transitioned to the commercial side, I realised that the world is not just about accounting standards,’ he says.

The pandemic lockdown further fuelled Leung’s desire to learn and, through ACCA, he gained the Institute of Internal Auditors’ Certified Internal Auditor qualification. Leung has also taken advantage of ACCA Macau’s CPD programme – something he encourages his colleagues to do.

‘The force of learning has to come from your internal motivation. The world is changing, and there is so much I don’t know,’ says Leung, who also widened his knowledge of environmental, social and governance (ESG) through a series of online programmes during the pandemic. Additionally, he gained soft skills, such as communication with shareholders, through an executive MBA.

Data driven

Leung is currently studying data management and Python programming online. ‘We work with front office and operational teams to assist them in business development,’ he says. ‘With the help of technology, we can gather whatever information we want – say, where the tourists come from, their entertainment preference, preferred dishes, and experience ratings.

‘Accountants with data management skills can play an important role in analysing such data, and work with different teams to tailor products, design specific marketing strategy, and provide feedback for improvement. At the same time, we’re working with various groups of stakeholders – including marketing, IT and hotel front office – to tailor a useful data-collecting protocol. It is a long-term project but we commit to it.’

Leung acknowledges that the role of today’s accounting professional has evolved as emerging technology impacts the way in which business is done. He emphasises the need for continuous learning, and his own repertoire is testament to his ambition to stay up-to-date and informed.

‘We need a broad knowledge pool to understand the information and operational rules of the world,’ he says. ‘This allows us to comprehend what other teams are doing, communicate with them, and develop that knowledge.’