Macau’s Secretary for Economy and Finance, Tai Kin Ip, acknowledged in the Legislative Assembly on Wednesday that gross gaming revenue for the first quarter of 2025 had fallen short of the government’s expectations.
As reported by IAG, GGR in Q1 reached MOP$57.65 billion, an increase of 0.6% over the same period in 2024 with average monthly revenue of MOP$19.2 billion. The government had been anticipating an average of MOP$20 billion per month.
Speaking at the Legislative Assembly on Wednesday, Tai said, “Macau’s major industries are facing increased competition in the international arena and the risks and challenges should not be ignored.”
Given that GGR this year is tracking in line with 2024, he added that this year’s fiscal revenue might not be as optimistic as expected. He also questioned the effectiveness of concessionaires’ diversification measures.
“The development of Macau’s diversified industries has not met the community’s expectations,” Tai explained. “The government will set up an inter-departmental team led by the Secretary for Economy and Finance to monitor the gaming concessionaires in fulfilling their contractual commitments.
“The government will study the adjustment of the structure of investment projects and guide the grantee companies to allocate more resources to support key industrial projects in Macau and Hengqin.”
On the six concessionaire projects to revitalize Macau’s old districts, Tai also said that there would be changes in store.
“The new government will co-ordinate the development of the six old districts, with the Economic and Financial Secretary taking the lead and the Social and Cultural Affairs Secretary providing full support,” he said.
“The government will work with the six gaming concessionaires to review the revitalization of the old districts over the past year and plans to turn the six old districts into ‘special business districts’.
“The business districts aim to attract people and tourists to visit for shopping and entertainment and to promote the development of the regional economy.”
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