An extra amount from financial reserves will be added to the budget to make up for reduced income from gaming taxes.<\/p>\n\n\n\n\n\n\n\n
Macau.- The SAR’s chief executive, Ho Iat Seng, has announced that another amendment will likely be made to 2020 government budget in order to add an extra MOP20 billion (US$2.5 billion) from financial reserves to compensate for the reduction of income from gaming taxes after the plunge in activity during the pandemic.<\/p>\n\n\n\n
Ho Iat Seng spoke to the press after his speech as CE to mark the 71st anniversary of the founding of the\u00a0People\u2019s Republic of China. He explained that the city\u2019s overall income is still low and that the government does not expect a full recovery before the end of the year.<\/p>\n\n\n\n
He added that his administration is under \u201cgreat financial pressure\u201d and explained that despite already allocating MOP38.9 billion from fiscal reserves to balance the budget, this amount will only be enough to support the economy until October. The extra MOP20 billion injection will be needed to cover November and December.<\/p>\n\n\n\n
Local gross gaming revenues for the year from January to September dropped by 82.5 per cent year-on-year to MOP38.6 billion.<\/p>\n\n\n\n
The Macau SAR government collected MOP22.8 billion in gaming taxes between January and August, 70.1 per cent less than what it collected in the same period last year.<\/p>\n","protected":false},"excerpt":{"rendered":"
An extra amount from financial reserves will be added to the budget to make up for reduced income from gaming taxes.<\/p>\n","protected":false},"author":2,"featured_media":10565,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Macau's Chief Executive, Ho Iat Seng, announced a second amendment to the 2020 government budget, allocating an additional MOP20 billion (US$2.5 billion) from financial reserves. This measure is to offset a significant reduction in gaming tax income, following an 82.5% year-on-year drop in GGR for January-September and a 70.1% decline in gaming tax collection for January-August, driven by pandemic-induced activity plunges.","focusai_entities":"Ho Iat Seng, People's Republic of China","focusai_location":"Macau, China","focusai_target_profile":"ceo_executive (0.9), regulator (0.95), operator_casino (1.0), investor_analyst (1.0), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Macau Fiscal Strategy?","query":"What are the long-term fiscal implications for Macau's government given sustained reliance on financial reserves to offset gaming tax shortfalls, and what alternative revenue diversification strategies are being considered?"},{"label":"Operator Recovery Outlook?","query":"How do these significant GGR and gaming tax declines, coupled with the government's financial pressure, impact the capital expenditure and operational recovery timelines for integrated resort operators in Macau?"}],"footnotes":""},"categories":[160,16338,163],"tags":[257],"class_list":["post-10562","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia-pacific","category-east-asia-news","category-finance-news","tag-macau"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/10562","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=10562"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/10562\/revisions"}],"predecessor-version":[{"id":10578,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/10562\/revisions\/10578"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/10565"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=10562"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=10562"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=10562"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}