Macau CE says casino revenue target for 2025 is “definitely achievable”
Ho Iat Seng said the target was a “conservative estimate”.
Macau.- Chief executive (CE) Ho Iat Seng has said the government’s forecast of MOP240bn (US$29.7bn) in gross gaming revenue for 2025 is a “conservative estimate” that is “definitely achievable”. Iat Seng made the remarks during a press conference yesterday (19 November) after presenting the 2025 budget to the city’s Legislative Assembly.
The CE said the budget plan had been agreed with his successor, Sam Hou Fai, who will take office next month. He said the GGR target for 2025 was not a significant increase from this year. “We see that by October [end] casino GGR is around MOP190bn…. we may achieve MOP228 billion in the full year [2024].
Macau’s CE also discussed the significance of gaming receipts as part of the economy. He noted that in 2023, gaming receipts accounted for 37.2 per cent of Macau’s gross domestic product (GDP) and said he expected the percentage could go up to around 40 per cent. He also thanked the six casino operators for their commitment to invest “billions of patacas” in non-gaming ventures, including community initiatives such as revitalisation projects in the city’s historic areas.
Macau GDP rises 11.5% in first nine months of the year
The Macau Statistics and Census Service (DSEC) has reported that gross domestic product (GDP) for the first nine months of the year was up 11.5 per cent in year-on-year terms at MOP301.0bn (US$37.4bn). It’s the first time since 2019 that January-to-October GDP surpassed MOP300bn. Economic output reached 86.3 per cent of that of the same period in 2019.
Exports of gaming services rose by 28.4 per cent. However, exports of other tourism-related services declined by 6.1 per cent due to the high comparison base in the same period last year. Exports and imports of goods fell by 15.1 per cent and 8.3 per cent respectively.
The DSEC highlighted that domestic demand grew by 2.7 per cent year-on-year. Private consumption expenditure rose by 5.8 per cent year-on-year, with household spending domestically and abroad growing by 4.8 per cent and 13.6 per cent, respectively. Government final consumption expenditure fell by 10.1 per cent in year-on-year terms following the cessation of the livelihood subsidy scheme. Net purchases of goods and services fell by 21.9 per cent year-on-year, while compensation of employees remained “virtually unchanged.”
