Macau to revise 2021 GGR forecast

Lei Wai Nong, Macau’s secretary for economy and finance, has said the government will adjust its 2021 casino gross gaming revenue forecast after a decline in revenue in August.

Macau.- Macau’s gross gaming revenue (GGR) in August has negatively impacted the city’s forecast for the year.

The city recorded GGR or MOP$4.44bn (US$554.5m) for August, down 47.7 per cent month-on-month and the lowest monthly GGR figure since September 2020.

Lei Wai Nong, Macau’s secretary for economy and finance has now said that Macau is revising GGR forecasts for the year for the city’s revised budget, which will be submitted to the Legislative Assembly.

However, he said authorities were confident the city would see a rebound in the following months, especially during October’s Golden Week. The Macau Government Tourism Office (MGTO) has predicted the city could receive 30,000 visitors per day during the October Golden Week.

Lei Wai Nong said Macau had recorded 24,000 visitors on Tuesday, versus a normal day by day count of 21,000 for the principal half of this current year. The market saw a plunge in guest volume toward the beginning of August, concurring with the local cases of Covid-19. 

Analysts at Fitch Ratings Inc have predicted Macau’s GGR will be down 65 per cent from 2019 levels, closing close to MOP102.4bn this year.