The New Secretary for Economy and Finance spoke to the press and revealed optimism in the casino industry.
Macau.- The new government has shown confidence in the gaming industry for the coming year after analysing the latest numbers.
Macau’s new Secretary for Economy and Finance, Lei Wai Nong, said in a press conference that he is “cautiously optimistic” about the city’s economic prospects in 2020 after seeing mass market revenue overtake the VIP sector for the first time last year.
It was the first press conference lead by Lei, who was sworn in as part of new Chief Executive Ho Iat Seng’s government on 20 December.
Gaming Inspection and Coordination (DICJ) figures released last week showed that Macau’s gross gaming revenue totalled MOP292.46 billion (€32 billion) in 2019, down 3.4% year-on-year.
However, the optimism of Lei relates to stronger mass market performance and the impending launch of a handful of new casinos.
According to Lei, mass market revenue in Macau’s casinos represented 53.7% of GGR in 2019, more than half of the city’s gross gaming revenue for the first time as VIP revenue fell to 46.3%. Those numbers compare with 2018 where mass market comprised around 45.3% of GGR and VIP 54.7%.
Lei added that revenue from mass market gaming had grown 16.7% year-on-year in 2019 while VIP revenue had fallen 18.5%. Full details are due to be released next week.
The government will “closely monitor developments in the global economy and would take any precautionary steps for Macau’s economy that might be deemed necessary,” he concluded.