2023 Casino Revenue to Beat MOP130 Billion Forecast – Macau Economic Association
MACAU, SAR (May 17, 2023) — Macau’s gross gaming revenue for the year 2023 is expected to surpass the government’s estimated figure of MOP130 billion, according to the Macau Economic Association.
A better-than-expected economic recovery has been observed for the first four months of the year, with gaming revenue reaching MOP49.3 billion, approximately half of pre-pandemic levels, and 38 per cent of the annual government target, according to a recent report by the group.
“The gross gaming revenue for the year should perform better than the expected figure based on the current economic situation,” Macau News Agency (MNA) reported the research team said.
Earlier last month, Chief Executive Ho Iat Seng reiterated his belief that gross gaming revenue for 2023 will reach MOP130 billion (US$16 billion), a significant increase from MOP42.2 billion recorded last year.
MNA reported the association also noted that multiple economic indicators had continued to improve as economic and social activity normalised after the pandemic, showing a sustained positive recovery trend.
Macau’s economic prosperity index returned to the ‘stable’ level for the first time since the beginning of the pandemic in April, and is expected to remain at that level between May and July.
However, the group’s economists stressed that the current economic recovery was unbalanced, as small and medium-sized enterprises in non-tourism sectors had yet to benefit from increases in visitor numbers.
Other factors that affect Macau’s economic recovery include a complex external environment, weak consumer demand, a strong risk-averse atmosphere in investment markets, and the impact of Federal Reserve interest rate hikes on the global economy.
SOURCE: Macau News Agency (MNA).Tags: Macau SAR, Casino revenue, Macau Economic Association