The Macau SAR Government has estimated gaming revenue will climb to MOP$216 billion (US$26.8 billion) in 2024, ensuring it remains the jurisdiction’s main source of income.
With Chief Executive Ho Iat-seng due to deliver his 2024 Policy Address on 14 November, a bill on next year’s budget was presented in Macau’s Legislative Assembly on Wednesday. The bill states that, “With the receding of COVID and the gradual return to normal socio-economic conditions, the number of tourists coming to Macau has increased significantly compared to 2022.
“With the introduction of more innovative tourism elements to Macau and the further development of the mainland and international visitor source markets, the number of visitors to Macau is expected to continue to rise.”
With revenues tipped to reach MOP$216 billion, “This will serve as the main revenue base for the Macau government in the 2024 financial year,” it added.
The government also revealed that it expects to gather consolidated revenues of MOP$107.1 billion (US$13.3 billion) next year with expenditure of MOP$105.9 billion (US$13.1 billion), suggesting that public finances will return to surplus.
The Chief Executive had previously expressed concern that Macau would continue to run a deficit in 2024, stating “gross gaming revenues will have to reach MOP$230 billion (US$28.5 billion) to balance government expenditure.”
Since the outbreak of the COVID-19 pandemic in Macau, the government has consistently set its GGR forecast to MOP$130 billion (US$16.1 billion) each year, although these forecasts all fell short with revenues of MOP$60.4 billion (US$7.5 billion) in 2020, MOP$86.8 billion (US$10.8 billion) in 2021 and MOP$42.2 billion (US$5.2 billion) in 2022.
However, after the relaxation of border restrictions in January, gross gaming revenue for the first 10 months of this year has already exceeded the government’s budget.
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