Macau govt to cut forecast of US$16bln casino GGR in 2022

June 7, 2022 Macau Crime & Legal Industry Updates

The Macau government is to reduce its 2022 gross gaming revenue (GGR) forecast for the city’s casino industry. The announcement was made on Monday by Macau’s Chief Executive Ho Iat Seng (pictured in file photo), while speaking to the press after a public event.

The current GGR forecast of MOP130 billion (US$16 billion) for full-year 2022 had been mentioned in November in the fiscal budget plan for this year. The amount was already under half the MOP292.5 billion Macau achieved in full-year 2019, prior to the advent of the pandemic.

The cut in the government’s GGR forecast took into consideration the “huge impact” in the city’s casino industry from travel restrictions related to several Covid-19 outbreaks in mainland China during the first half of the year, said Mr Ho.

The reduced GGR forecast would be announced as part of an amendment to Macau’s fiscal budget plan for 2022 in the second half of the year, he added.

Macau’s casino industry recorded GGR of MOP23.79 billion for the first five months of 2022, down 44.0 percent in year-on-year terms.

The city’s economic recovery from the impact of Covid-19 was being “pressured” by tightened issuance terms for travel visas by mainland Chinese authorities for Macau-bound visitors, Mr Ho said. But the Macau chief executive added he believed issuance terms for visas to travel to Macau would be eased once the pandemic situation in the mainland came under control.