Macau Chief Executive Sam Hou Fai has stated that he expects this year’s fiscal revenue to be less optimistic than previously expected and that the city’s future economic situation must be carefully assessed.
His comments were made at an event on Thursday where he pointed out that “the internal and external environment for Macau’s economic development is complex and volatile, the global economy is facing many unstable and uncertain factors and structural problems persist in Macau’s internal economy.
“The new economic cycle, consumption patterns and class changes have slowed down the recovery from the epidemic.”
He added that this year’s fiscal revenue may not reach the heights anticipated, so more effort to promote the moderate and diversified development of the economy, deal with the imbalance of the internal economic development and prevent and resolve various risks must be taken.
In the budget of the previous Macau Government, it was predicted that gross gaming revenue in 2025 would be MOP$240 billion, with an average monthly gaming revenue of about MOP$20 billion. Full-year gaming tax revenue was estimated MOP$93.1 billion. However, GGR in January (MOP$18.25 billion) and February (MOP$19.74 billion) fell short of the forecast.
The government has previously announced that the revenue from betting duty for January 2025 was MOP$7.19 billion (US$896 million).
Sam pointed out at an event in February that “in the face of the surrounding environment, the competition in Macau’s tourism and gaming industry is intensifying and the risks and challenges it brings to Macau should not be overlooked.
“In the internal economy of Macau, the structural problem of the gaming industry’s dominance will continue for a period of time and I am afraid that it will be difficult to realize a change in the short term,” he said.
