Macau’s Chief Executive Ho Iat Seng, told media during a question-and-answer session on Tuesday that it is highly unlikely the city’s gross gaming revenues will reach MOP$180 billion (US$22.4 billion) this year – potentially saving concessionaires an increase in mandatory non-gaming spend in 2024.
Ho fronted the press after issuing his 2024 Policy Address, where he was asked for his thoughts on GGR and non-gaming investments in the year ahead. According to the new 10-year concessions signed by Macau’s six concessionaires last December, non-gaming spend will increase by 20% the following year once Macau-wide GGR exceeds MOP$180 billion.
“We won’t know if it reaches MOP$180 billion until next month, but I can tell you that this figure is impossible,” Ho said.
“It has not reached MOP$180 billion, but I will not answer the question about 20%.”
He also revealed that the government had not yet endorsed the non-gaming investment plans of concessionaires for the next year.
“I have not formally approved [the investment plans],” he said. “Some of the concessionaires have submitted their proposals, but they have not been approved.”
Ho also offered little insight into the GGR figures of foreigner-only gaming zones in Macau casinos, having last year revealed concessionaires could receive tax breaks of up to 5% on revenues generated in such zones – part of the government’s efforts to boost international visitation.
“We have the information, but we won’t release it to you,” Ho said. “The areas have been set up, but not many gamblers are willing to enter these areas.”
Ho would not be moved on whether any concessionaires had been granted tax breaks.
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