{"id":777001507,"date":"2023-01-13T14:19:27","date_gmt":"2023-01-13T17:19:27","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777001507"},"modified":"2026-04-23T01:34:28","modified_gmt":"2026-04-23T04:34:28","slug":"macau-ce-forecast-ggr-of-us16bn-for-2023","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/macau-ce-forecast-ggr-of-us16bn-for-2023","title":{"rendered":"Macau CE forecast GGR of US$16bn for 2023"},"content":{"rendered":"\n

Chief Executive Ho Iat Seng has maintained a positive forecast for 2023 Macau\u2019s gaming.<\/p>\n\n\n\n\n\n\n\n

Macau.- Macau Chief Executive Ho Iat Seng<\/strong> said that the government will maintain its 2023 gross gaming revenue forecast of MOP130bn (US$16bn)<\/strong>, noting that in order for the city to recover economically it will need to bring in at least MOP10bn (US$1.24bn) per month<\/strong>.\u00a0<\/p>\n\n\n\n

\u201cFor now the budget remains unchanged, but it is a figure that we all need to work hard together to achieve,\u201d Ho told the media before attending a government banquet in celebration of the forthcoming Lunar New Year. The government initially estimated GGR for 2023 at MOP130bn when announcing its budget in November.<\/p>\n\n\n\n

He added they have to observe how the situation will play out after travel among mainland China, Hong Kong, Taiwan, and Macau resumed<\/a>.<\/p>\n\n\n\n

\u201cThe government will not revise this forecast for the time being and hopes that all sectors of the community will work hard to achieve this figure,\u201d Ho said and noted that Macau\u2019s economy is starting to show signs of recovery and it is important to wait and see the prevailing economic situation.<\/p>\n\n\n\n

Despite the elevated number of Covid cases, the official assures that there won\u2019t be a second wave of infections due to the Chinese New Year, claiming that residents now possessed a natural immunity after having been infected.<\/p>\n\n\n\n

The Macau Government Tourism Office (MGTO) is expecting 40,000 to 50,000 daily arrivals during the upcoming Chinese New Year<\/a> holiday, which begins on Sunday, January 22 and ends on Sunday, February 5. In 2019, pre-pandemic, they registered about 170,000 visitors per day during that break.<\/p>\n\n\n\n

The reservation rate of Macau\u2019s hotels for the Chinese New Year holiday period currently stands between just 30 and 50 per cent. Acting Director Cheng Wai Tong said that figure is expected to rise over the next two weeks: \u201cThere is still some time before the Chinese New Year holidays and the booking rate is expected to increase,\u201d Cheng said. In 2022, the hotel occupancy rate was around 63 per cent, compared with 93 per cent in 2019.<\/p>\n\n\n\n

See also: <\/strong>JP Morgan reevaluates earnings expectations for 2023 in Macau<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Chief Executive Ho Iat Seng has maintained a positive forecast for 2023 Macau\u2019s gaming.<\/p>\n","protected":false},"author":226,"featured_media":23015,"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 maintains the MOP130bn (US$16bn) GGR forecast for 2023, emphasizing the need for MOP10bn monthly to achieve economic recovery. Despite current lower hotel booking rates and visitor projections for Chinese New Year compared to pre-pandemic levels, the government anticipates an economic rebound following the resumption of travel with mainland China, Hong Kong, and Taiwan.","focusai_entities":"Ho Iat Seng, Macau Government Tourism Office, MGTO, Cheng Wai Tong, JP Morgan","focusai_location":"Macau, China, Hong Kong, Taiwan","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), operator_casino (0.95), marketing_crm (0.75), investor_analyst (0.95), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"GGR Forecast Viability?","query":"Given the current hotel reservation rates and projected visitor numbers for Chinese New Year, what specific policy interventions or market catalysts are anticipated to bridge the gap to the MOP10bn monthly GGR target?"},{"label":"Operator Strategy Impact?","query":"How are Macau's concessionaires adjusting their capital expenditure and operational strategies in light of the maintained MOP130bn GGR forecast and the evolving visitor demographic post-travel resumption?"}],"footnotes":""},"categories":[157,16338],"tags":[257],"class_list":["post-777001507","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","tag-macau"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777001507","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\/226"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777001507"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777001507\/revisions"}],"predecessor-version":[{"id":777001521,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777001507\/revisions\/777001521"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/23015"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777001507"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777001507"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777001507"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}