Macau to see economic rebound in November and December

Analysts believe large-scale events could offer some hope for the local economy.
Analysts believe large-scale events could offer some hope for the local economy.

The Macau Economic Association has predicted that Macau’s economy could start to recover in the last months of the year mainly due to several large-scale events and a stable pandemic situation.

Macau.- The Macau Economic Association is confident of a better final two months of 2021. According to analysts, a series of large-scale events such as the 68th Macau Grand Prix, the 21st Macau Food Festival, and the 2021 Macau Light Festival will help boost the local economy.

Its latest report notes that Macau has managed to effectively control the Covid-19 pandemic in recent weeks and the vaccination rate is rising. It also highlights that average daily visits showed a steady rebound. In September and October, Macau’s economic prosperity index was 2.8 and 2.7 points, respectively, which were close to the lower edge of the “under-optimal” range of the indicator system.

The research team estimates that average monthly gross gaming revenue in November and December will be about MOP7.5bn to MOP9bn. Macau’s GGR for November stands at MOP3bn (US$374m), with an average daily rate of MOP214m (US$26.6m), down 72 per cent when compared to pre-pandemic levels. However, the figure is up 52 per cent when compared to October.

Macau’s GGR for the second week of November was down 18 per cent when compared to the previous week, from an average daily revenue of MOP235m (US$29.3m) to MOP194m (US$24.1m).

If the current rate of recovery is followed, the local climate index will bottom out from November to January next year. The predicted value is between 3.0-3.2 points, maintaining the “under-optimal” level.

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