Macau Government Estimates 2024 to End with MOP216 bln in GGR
MACAU, SAR (November 1, 2023) — According to a local media report the Macau Government predicts that the local casino sector will be able to generate a total of MOP216 billion (US$26.8 billion) in gross gaming revenue in 2024, a recovery that should allow the Macau SAR to once again record a financial surplus.
Citing the expansion in the number of tourists from the interior of China and other regions and countries, Macau News Agency (MNA) report the Macau SAR authorities expect the Macau Government to record around MOP107 billion patacas in public revenue and MOP105.9 billion in expenditure next year, generating a surplus of MOP1.1 billion.
Between January and October, gaming revenue in the SAR reached MOP148.45 billion, or about 60 per cent compared to 2019.
This amount already exceeds the GGR foreseen in government estimates for 2023, of MOP130 billion patacas.
The document of the proposed law for the 2024 budget published in the Legislative Assembly, foresees that the SAR coffers must collect 75.6 billion patacas in gambling taxes next year.
According to the authorities, thanks to this positive budgetary recovery it will not be necessary to resort to the city’s financial reserve to fill financial gaps, as was repeatedly done during the pandemic years.
The Macau Monetary Authority announced that the Macau SAR’s financial reserves grew by more than MOP1 billion in August to around MOP570 billion.
The budget report noted that considering that there are still many uncertainties in the global economic environment which may hurt the local economy, it will prioritize the needs of vulnerable groups, and ensure the level and quality of public services, the government budget austerity measures and staff control measures will continue next year to ensure the soundness of public finances.
In addition, due to the significant reduction in expenditures on health and epidemic prevention and related financial aid measures, the government will appropriately adjust its resource investment in public sector infrastructure to consolidate the foundation for economic recovery and future development.
SOURCE: Macau News Agency (MNA).Tags: Macau SAR, gross gaming revenue in 2024