The government now expects GGR to reach MOP130 billion (\u20ac14.8 billion) for the full year.<\/p>\n\n\n\n\n\n\n\n
Macau.- The Macau government\u00a0has halved its\u00a0forecast\u00a0for\u00a0casino gross gaming revenue for FY20 due to the impact of Coronavirus. <\/p>\n\n\n\n
The government now expects GGR to reach MOP130 billion (\u20ac14.8 billion),\u00a0down from the forecast\u00a0of\u00a0MOP260 billion (\u20ac29.6 billion) announced in November.<\/p>\n\n\n\n
The new forecast included a revised\u00a02020 budget plan. It was published by local authorities\u00a0yesterday but still needs to be approved by the city\u2019s Legislative Assembly.<\/p>\n\n\n\n
The government is\u00a0usually conservative in its annual forecasts on\u00a0casino GGR, typically underestimating the value by a significant margin. <\/p>\n\n\n\n
Based on the government\u2019s revised forecast, annual GGR tally for 2020 would be down 55.5 per cent, compared to the MOP292.46 billion achieved last year. In comparison, the 2019 total was\u00a0down 3.4 per cent\u00a0from the prior year.<\/p>\n\n\n\n
As a result of the measures taken to contain the spread of coronavirus, including the closure of casinos for more than two weeks, Macau casinos recorded MOP3.1 billion (\u20ac353million) in GGR for February. <\/p>\n\n\n\n
The figure was down 87.8 per cent\u00a0from previous year. Last month\u2019s result puts the market\u2019s accumulated 2020 year-on-year decline at 49.9 percent, to MOP25.23 billion (\u20ac2.8 billion).<\/p>\n\n\n\n
The government also revealed it expects to collect lower tax revenue from the city\u2019s gaming industry.<\/p>\n\n\n\n
Such taxes usually account for more than 80 percent of the government\u2019s revenue each year. As a result, the government admitted it now expects a MOP38.95 billion (\u20ac4.3 billion) deficit for FY20, and that it expects to use its \u201cextraordinary\u201d financial reserves to cover the shortfall.<\/p>\n","protected":false},"excerpt":{"rendered":"
The government now expects GGR to reach MOP130 billion (\u20ac14.8 billion) for the full year.<\/p>\n","protected":false},"author":2,"featured_media":4704,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"The Macau government has drastically revised its Gross Gaming Revenue (GGR) forecast for FY20, halving it to MOP130 billion due to the Coronavirus impact. This significant reduction, representing a 55.5% decline from the prior year, is projected to result in a MOP38.95 billion government deficit, necessitating the use of extraordinary financial reserves. The February GGR alone saw an 87.8% year-on-year decline.","focusai_entities":"Macau government, Legislative Assembly","focusai_location":"Macau","focusai_target_profile":"ceo_executive (1.0), regulator (1.0), operator_casino (1.0), investor_analyst (1.0), supplier_vendor (0.8), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Fiscal Impact Analysis","query":"What specific measures is the Macau government considering to mitigate the MOP38.95 billion deficit beyond utilizing extraordinary financial reserves, and what are the long-term implications for gaming tax policy?"},{"label":"Operator Liquidity Concerns","query":"How will the 55.5% year-on-year GGR decline impact the capital expenditure plans, debt servicing capabilities, and dividend policies of major concessionaires operating in Macau?"}],"footnotes":""},"categories":[160,16338,163],"tags":[257],"class_list":["post-4698","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\/4698","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=4698"}],"version-history":[{"count":7,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/4698\/revisions"}],"predecessor-version":[{"id":4716,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/4698\/revisions\/4716"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/4704"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=4698"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=4698"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=4698"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}