Macau forecasts GGR of US$16.08bn in 2023

Macau forecasts GGR of US$16.08bn in 2023

The Macau government has published its budget proposal for the fiscal year 2023.

Macau.- The government of Macau has published its fiscal budget plan for 2023, predicting GGR of MOP130bn (US$16.08bn). The figure matches initial estimations for the current year. However, authorities were forced to modify this year’s forecast due to the impact of new Covid-19 outbreaks both in Macau and China. Macau’s GGR for the first ten months of 2022 stands at MOP35.72bn.

Authorities predict a fiscal deficit for 2023, with an aggregate income of MOP69.5bn excluding any withdrawals from fiscal reserves, including a near-40 per cent share of gaming revenue. Aggregate expenses for 2023 are estimated at MOP104.5bn. The government is set to include MOP35.6bn from its fiscal reserve to cover the revenue shortfall.

The 2023 budget plan depends on the gradual resumption of package tours from mainland China and the electronic issuance of tourism permits, which would benefit the tourism and gaming sectors.

The new casino concessions are also expected to help the city’s economic recovery, primarily through the licensees’ investment in non-gaming projects. Macau aims to issue the new licences by the end of the year.

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