The Macau government said Thursday that it expects 2020 gross gaming revenue (GGR) to decline by more than 55% year-on-year to around MOP$130 billion due to the impact of COVID-19.
The estimate comes after Macau’s GGR fell 87.8% year-on-year in February to MOP$3.10 billion as the coronavirus pandemic took hold.
GGR for FY19 reached MOP$292.45 billion with the government collecting gaming tax of MOP$113.51 billion. It had previously estimated GGR for 2020 of around MOP$260 billion with gaming tax of MOP$98.21 billion.
Instead, the government now anticipates a budget deficit for FY20 and will use MOP$38.95 billion from its financial reserves to cover the deficit.
A series of stimulus measures worth a combined MOP$27 billion have been launched to revitalize the local economy, including tax cuts and MOP$2 billion worth of e-coupons for residents.
