Macau financial reserves grow 5.6 pct in 2019

Macau financial reserves grow 5.6 pct in 2019

According to the Macau Monetary Authority, the territory’s financial reserves reached €62.4 billion in 2019, up 5.6% over the course of the year.

Macau.- All the world can talk about right now is the Covid-19 virus and its continuous spread. However, Macau revealed its financial reserves had reached €62.4% in 2019, prior to the crisis.

The Macau Monetary Authority revealed that the territory managed to grow last year, just before the potential pandemic. The figure equals to a 5.6% gain over the course of the year.

According to official figures,  equity allocations reached €2 billion, accounting for about 60% of the financial reserves’ total income. Moreover, as quoted by AGBrief, interest income totalled nearly €950 million.

GGR projections

According to Bernstein Research, gross gaming revenue (GGR) in Macau will post a 90% setback in February. The 15-day casino shutdown is the main reason behind it.

Analysts estimate that the reopening of most casinos will drive Macau GGR to US$252 million for the full month.

“We estimate February to be down 90% and March potentially to be down 80% (assuming no significant improvement in travel). The operators we have spoken with do not see any clarity on the timing of recovery at this time,” Bernstein Research analysts said in a note. “Once the Covid-19 situation stabilizes and outlook on contagion begins to improve, we expect a solid recovery in Macau,” they added.

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