The New Secretary for Economy and Finance spoke to the press and revealed optimism in the casino industry.<\/p>\n\n\n\n\n\n\n\n
Macau.- The new government has shown confidence in the gaming industry for the coming year after analysing the latest numbers.<\/p>\n\n\n\n
Macau\u2019s new Secretary for Economy and Finance, Lei Wai Nong, said in a press conference that he is \u201ccautiously optimistic\u201d about the city\u2019s economic prospects in 2020 after seeing mass market revenue overtake the VIP sector for the first time last year.<\/p>\n\n\n\n
It was the first press conference lead by Lei, who was sworn in as part of new Chief Executive Ho Iat Seng\u2019s government on 20 December.<\/p>\n\n\n\n
Gaming Inspection and Coordination (DICJ) figures released last week showed that Macau\u2019s gross gaming revenue totalled MOP292.46 billion (\u20ac32 billion) in 2019, down 3.4% year-on-year. <\/p>\n\n\n\n
However, the optimism of Lei relates to stronger mass market performance and the impending launch of a handful of new casinos.<\/p>\n\n\n\n
According to Lei, mass market revenue in Macau\u2019s casinos represented 53.7% of GGR in 2019, more than half of the city\u2019s 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%.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
The government will \u201cclosely monitor developments in the global economy and would take any precautionary steps for Macau\u2019s economy that might be deemed necessary,\u201d he concluded.<\/p>\n","protected":false},"excerpt":{"rendered":"
The New Secretary for Economy and Finance spoke to the press and revealed optimism in the casino industry.<\/p>\n","protected":false},"author":2,"featured_media":1967,"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 new Secretary for Economy and Finance, Lei Wai Nong, expressed cautious optimism for the city's 2020 economic prospects, driven by the mass market segment surpassing VIP revenue for the first time in 2019. Despite a 3.4% year-on-year decline in overall GGR to MOP292.46 billion, mass market revenue grew 16.7%, now representing 53.7% of the total.","focusai_entities":"Lei Wai Nong, Ho Iat Seng, Gaming Inspection and Coordination (DICJ)","focusai_location":"Macau","focusai_target_profile":"ceo_executive (0.95), regulator (0.9), compliance_legal (0.7), operator_casino (0.98), product_ux (0.75), marketing_crm (0.9), payments_fraud_aml (0.7), investor_analyst (0.98), supplier_vendor (0.85), journalist_researcher (0.95)","focusai_suggestions":[{"label":"Mass Market Sustainability","query":"What specific policy initiatives or infrastructure developments are planned to sustain the growth trajectory of Macau's mass market gaming segment amidst global economic uncertainties and evolving regulatory frameworks?"},{"label":"VIP Segment Strategy","query":"Given the continued decline in VIP GGR, what strategic adjustments are Macau's concessionaires implementing to mitigate this trend or reallocate capital from the VIP sector to other gaming verticals?"}],"footnotes":""},"categories":[160,16338,163,158],"tags":[725,257],"class_list":["post-1932","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia-pacific","category-east-asia-news","category-finance-news","category-slider-home","tag-ggr","tag-macau"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/1932","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=1932"}],"version-history":[{"count":7,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/1932\/revisions"}],"predecessor-version":[{"id":1970,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/1932\/revisions\/1970"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/1967"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=1932"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=1932"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=1932"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}