Macau’s Chief Executive, Ho Iat Seng, said Friday he is confident that gross gaming revenue would reach MOP$130 billion (US$16 billion) this year. He also pointed out that he would not comment on the accuracy of investment banks’ assessment of gambling revenue.
Speaking with media after attending an event on Friday afternoon, Ho was asked, “The GGR in January exceeded MOP$10 billion (US$1.25 billion) billion), but some investment banks have analyzed that the revenue in February may not reach MOP$10 billion, so will the GGR reach MOP$130 billion this year?”
He responded by saying, “This year’s GGR of MOP$130 billion is our target and we are confident that we can reach this target.”
If Macau is to reach MOP$130 billion in GGR this year, monthly gross gaming revenue must average at least MOP$10.83 billion. The month of January recorded GGR of MOP$11.58 billion (US$1.43 billion), the highest monthly revenue since January 2020.
In November last year, the Macau government issued its forecast for this year’s GGR, estimating it to come in at MOP$130 billion. The government also set aside MOP$36.5 billion in fiscal reserves to cover expenses in case of revenue shortfall.
According to investment bank JP Morgan, Macau’s GGR is expected to reach MOP$9.5 billion (US$1.17 billion) in February, as average daily revenue stabilizes.
However, Ho said, “The investment banks all estimated last year that we (Macau) would only recover by half, and I will not comment here on the accuracy of their estimates on GGR.”
Most investment banks have recently revised their 2023 Macau GGR estimates upwards following the reopening of borders on 8 January.
