Macau’s chief executive, Ho Iat Seng, said Tuesday that gross gaming revenue could reach MOP$228 billion (US$28.4 billion) this year at a monthly average of MOP$19 billion (US$2.37 billion) based on current progress. He also revealed that a recent government forecast that 2025 GGR would reach around MOP$240 billion (US$29.9 billion) – between 5% and 6% % higher than this year – was based on the 2024 estimate.
“Last year, the government estimated that the gross gaming revenue for this year would be MOP$216 billion (US$26.9 billion), while the average monthly gross gaming revenue in Macau so far is about MOP19 billion,” Ho said during his final policy address.
“If the gross gaming revenue in the next two months (November and December) reaches MOP$19 billion, it will be MOP$12 billion (US$1.50 billion) more than the estimate, which means that this year’s annual gaming revenue will reach MOP$228 billion. I believe there is a chance that the government will be able to do so.”
Ho added that next year’s GGR is estimated to grow by almost 6% on this year’s figure.
“We are adding 6% to this year’s estimate of gross gaming revenue, which is about MOP$240 billion. This is not a high estimate, it is a conservative estimate,” he observed.
Regarding the state of the gaming industry, Ho also emphasized, “We are not compressing the gaming industry, we are trying to grow the pie [by diversification of the industry],” he said.
“This year, the SAR government estimates that the gaming industry will account for about 40% of Macau’s GDP, which is in line with our target.”
With the government’s crackdown on VIP rooms, the mass market now account for more than 60% of revenues, Ho observed, while efforts to enhance the social contributions of the city’s six concessionaires have proven successful.
“We had a very difficult time negotiating the new contracts with the concessionaires because their non-gaming investments of hundreds of billions of dollars would have a great impact on them,” he said.
“At that time, we were negotiating the contract during the pandemic and they were facing losses.
“Now, the gaming industry in Macau has entered healthy development and the industry has become more planned. We are very grateful to the six concessionaires for fulfilling their obligations under the new contract. For example, in the performing arts industry, the stars they have brought to Macau have made a lot of [impact].”
Ho also addressed his decision to step down from the Chief Executive role at the end of this year rather than fulfilling a second term, confirming this was due to his age and health. Ho said he had “only three to four hours of sleep a night” during the pandemic, which significantly impacted his health.
“I’m quite old, I should let someone younger take over the position – it’s a very stressful position,” he said.
Ho was on leave for 39 consecutive days between June and July this year. Sparking widespread speculation over his health. He will be replaced as Chief Executive next month by the former President of the Court of Final Appeal, Sam Hou Fai, who received 98.99% of the votes in the 13 October election.
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