Macau Chief Executive Estimates 2023 Gaming Revenue Likely to Exceed MOP180 bln
MACAU, SAR (December 20, 2023) — Chief Executive (CE) Ho Iat Seng estimated on Wednesday that Macau’s gross gaming revenue (GGR) for the whole of 2023 is likely to surpass MOP180 billion (US$22.4 billion).
The Macau News Agency reported that speaking to journalists on the sidelines of the reception marking the 24th anniversary of the establishment of the SAR, the CE noted that Macau’s gaming revenue for the first 11 months had already exceeded MOP160 billion.
GGR between January and November reached MOP164.5 billion.
The government had initially forecasted that GGR would reach MOP 130 billion this year when it announced the budget for 2023, before the effective post-pandemic reopening that was adopted in January.
During his speech at the reception, he outlined several actions taken by the SAR government in collaboration with the six gaming operators, including the renovation of the six historical districts and efforts to tap into international tourist source markets.
Mr. Ho said that Macau has strengthened the competitive advantages of the integrated tourism and leisure industry this year, and the city’s gaming concessionaires have gradually implemented non-gaming investment projects.
Under the current regulatory framework, the city’s six gaming concessionaires are required to increase their non-gaming investment by around 20 per cent of their initial pledged amount if the annual gross gaming revenue of the Macau SAR reaches MOP180 billion.
According to the latest report by brokerage J.P. Morgan, Macau’s GGR for the first 17 days of December could have reached MOP9 billion, with a daily run-rate of MOP529 million.
The brokerage firm expects the full-month GGR to reach approximately MOP17 billion, resulting in a daily run-rate of around MOP550 million. Should this estimate be confirmed, full-year GGR will reach about MOP 181.5 billion.
SOURCE: Macau News Agency.Tags: Macau SAR, 2023 Gross Gaming Revenue (GGR)