Target of MOP216 bln in Gaming Revenue Achievable Industry-Wide in 2024: Secretary

November 24, 2023 | Economy

Macau SARMACAU, SAR (November 22, 2023) — Secretary for Economy and Finance Lei Wai Nong has presented an optimistic outlook for the gaming sector in the near future, expressing confidence in achieving the target of MOP216 billion (US$26.8 billion) in gaming revenue industry-wide in 2024.

Addressing lawmakers’ concerns following the presentation of his action plan for 2024, Lei said that the government’s earlier estimate suggested that casino revenue could reach at least MOP202.4 billion in 2024.

The estimate, as he pointed out, took into account various factors such as the tourist volume and consumption ratio between the mass-market segment and VIPs for the first three quarters of 2023.

“The ratio of mass to VIPs has shifted from four to six or half and half previously to three to one,” Lei said, describing the ongoing transition as a “different ball game” compared to the past.

“Currently, 75 per cent of it comes from the mass market, while high rollers’ bets account for 25 per cent,” he added.

There will be intensified promotion and increased investment by casino operators to expand the international market, potentially leading to a rise in tourist numbers, the official further explained.

In the first 10 months of 2023, authorities generated revenue of nearly MOP51.55 billion from casinos.

It represents a growth rate of over 215 per cent compared to the previous year.

The figures come from the Financial Services Bureau’s central account, which shows an execution rate of 101.4 per cent for this category.

SOURCE: Macau News Agency (MNA).

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