Macau budgets US$80.7m to expand sources of tourism in 2023

Incentive programmes will include discounts on flight tickets and hotel accommodations.

Macau.- Macau’s secretary for economy and finance, Li Weinong, has revealed that the Macau government has allocated MOP650m (US$80.7m) to “expand tourism resources” in 2023. The money will be used to fund incentives such as discounts on air tickets and hotel accommodation. 

The aim is to revive the local economy and attract more tourists. The Macau government has been implementing consumption incentives in the form of subsidies to encourage mainland Chinese tourists to visit Macau. With the support of Chinese online brands, the initiative has included discounts on air tickets and hotel stays.

At Wednesday’s Legislative Assembly meeting, Maria Helena de Senna Fernandes, director of the Macao Government Tourism Office (MGTO) said her department would continue to work with Macau’s Sports Bureau to encourage more sporting events in Macau as part of tourism promotion efforts. The MGTO will also look into the development of maritime tourism projects with Zhuhai in Guangdong Province.

Morgan Stanley cuts Macau GGR forecast again

New Covid-19 cases both in Macau and China have led Morgan Stanley Asia to further cut its predictions for Macau’s gross gaming revenue (GGR) for this year, 2023 and 2024. Analysts have reduced their forecasts by 15 per cent, 13 per cent and 13 per cent respectively, to US$5.6bn, US$16bn and US$26bn.

New Covid-19 cases mean that the resumption of e-visas since November 1 has not offered that boost that was hoped for. Analysts pointed out that since the reopening of the e-visa channel, the online search volumes for “Macao Individual Visit Scheme (IVS)” has not increased, and searches by Guangdong users have dropped significantly.

See also: Golden Week offered little boost for Macau visitor tally in October