{"id":25515,"date":"2021-12-14T07:34:59","date_gmt":"2021-12-14T10:34:59","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=25515"},"modified":"2026-04-23T12:58:13","modified_gmt":"2026-04-23T15:58:13","slug":"morgan-stanley-lowers-macau-ggr-forecast-for-2022","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/morgan-stanley-lowers-macau-ggr-forecast-for-2022","title":{"rendered":"Morgan Stanley lowers Macau GGR forecast for 2022"},"content":{"rendered":"\n

Morgan Stanley has lowered its predictions for Macau\u2019s gross gaming revenue in 2022 due to travel restrictions and the upcoming changes to Macau’s gaming laws.<\/p>\n\n\n\n\n\n\n\n

Macau.- Morgan Stanley Banking Group <\/strong>has lowered its estimate of Macau\u2019s gross gaming revenue (GGR) for 2022 by 30 per cent to US$15bn. According to analysts, the market has seen an intermittent recovery, but travel restrictions and regulatory uncertainty will remain in the first half of 2022. They have also reduced their estimate for 2023 by 20 per cent to US$26bn. <\/p>\n\n\n\n

The group now predicts that casino GGR in 2022 and 2023 will reach 42 per cent and 70 per cent of pre-pandemic levels in 2019, respectively. They forecast that Macau casino earnings before interest, taxes, depreciation and amortization (EBITDA) will fall by 40 per cent and 8 per cent in 2022 and 2023, respectively, to US$3.81bn and US$8.31bn.<\/p>\n\n\n\n

Analysts stated <\/strong>that in the next three months Macau must publish a public consultation report on the review of Macau’s gaming legislation; a draft of the new gaming law and the approval of the bill by the city\u2019s legislative assembly.<\/p>\n\n\n\n

They said: “Each of these events will provide clarity even if we expect a temporary extension of licence renewals beyond June 2022.”<\/p>\n\n\n\n

Casino operators are awaiting a renewal of Macau\u2019s six gaming concessions<\/a> as the current casino licences will expire in June 2022.\u00a0The current city\u2019s gaming laws state that\u00a0licences can be extended for up to five years<\/strong>\u00a0from the original 20-year term.<\/p>\n\n\n\n

Authorities predict GGR of US$16.2bn for 2022<\/h2>\n\n\n\n

While preparing\u00a0next year\u2019s fiscal budget plan<\/a>, in November the government of Macau predicted that\u00a0GGR for 2022 would be MOP130bn (US$16.2bn)<\/strong>, half that seen before the Covid-19 pandemic.\u00a0Authorities forecast that the\u00a0city would continue to run a fiscal deficit\u00a0<\/strong>and would face \u201cgreat uncertainty\u201d amid the continuing impact of the pandemic.<\/p>\n\n\n\n

In the budget plan, the government estimated that\u00a0gaming tax income will reach MOP45.5bn in 2022<\/strong>. The government said it would use the city\u2019s accumulated fiscal reserves to support expenditure on social welfare and public infrastructure projects.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Morgan Stanley has lowered its predictions for Macau\u2019s gross gaming revenue in 2022 due to travel restrictions and the upcoming changes to Macau’s gaming laws.<\/p>\n","protected":false},"author":176,"featured_media":25556,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Morgan Stanley has significantly lowered its 2022 and 2023 Gross Gaming Revenue (GGR) forecasts for Macau, citing persistent travel restrictions and ongoing regulatory uncertainty surrounding the new gaming law and concession renewals. This revision reflects a slower market recovery and anticipates substantial EBITDA declines for casino operators, impacting the region's fiscal outlook. The Macau government's own GGR predictions for 2022 are also noted, alongside the timeline for legislative changes.","focusai_entities":"Morgan Stanley Banking Group, Macau Legislative Assembly, Macau government","focusai_location":"Macau","focusai_target_profile":"ceo_executive (0.9), regulator (0.95), compliance_legal (0.85), operator_casino (1.0), investor_analyst (1.0), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Concession Renewal Impact","query":"What specific changes in the new Macau gaming law are anticipated to impact the economic terms and operational scope of the renewed concessions, beyond the current five-year extension clause?"},{"label":"GGR Recovery Drivers","query":"Beyond the lifting of travel restrictions, what specific policy interventions or market diversification strategies are required for Macau's GGR to sustainably exceed 70% of pre-pandemic levels by 2023?"}],"footnotes":""},"categories":[157,16338],"tags":[23906],"class_list":["post-25515","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","tag-macau-casinos"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/25515","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\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=25515"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/25515\/revisions"}],"predecessor-version":[{"id":25526,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/25515\/revisions\/25526"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/25556"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=25515"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=25515"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=25515"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}