Macau’s Secretary for Economy and Finance, Lei Wai Nong, said Wednesday the government is confident that that citywide gross gaming revenues (GGR) will reach MOP$216 billion (US$27 billion) next year. This is based on the economic situation from the first quarter to the third quarter of 2023, including the number of tourists, changes in spending, and consumption at the mass and VIP levels.
In November, the Macau SAR Government announced its 2024 Policy Address, in which it predicted that the GGR in 2024 would be MOP$216 billion.
Lei said at a meeting of the Legislative Assembly on Wednesday that the government was confident GGR would reach this level.
“The government has taken the economic situation from the first quarter to the third quarter, including the number of tourists and the spending of mass market and VIP halls, as the basis for forecasting next year’s GGR,” he explained.
“We notice that the ratio (of betting turnover) between the mass and VIP halls is 75% and 25% respectively.
“What we see in the current gaming situation is that the more travellers there are, the more GGR there is. Looking at the situation from June to October, with the increase in the number of tourists, the ratio of mid-market bets has reached 80%.
“Based on the number of tourists, changes in spending, mass gaming and VIP halls, we estimate that the gross gaming revenue for next year will be MOP$204 billion, but there will be promotion to overseas customers [on top of that].
“Therefore, we are confident of reaching MOP$216 billion next year.”
Regarding the promotion of overseas visitor sources, Lei pointed out that the Tourism Promotion Program will be launched next year, designed to grow international visitation and focusing on promoting to Northeast Asia and Southeast Asia.
Director of the Macao Government Tourism Office (MGTO), Maria Helena de Senna Fernandes, added that in relation to the promotion of overseas visitor sources, “the government conducted an external study this year and Macau is one of the most popular destinations for travellers from Southeast Asia and Northeast Asia.”
“International visitor arrivals increased from an average of 1,000 per day in January to an average of more than 5,000 per day in October, which is a 75% recovery compared to 2019,” she said.
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