Macau Chief Executive skeptical about city’s GGR reaching US$22 billion this year

Ho Iat Seng is not optimistic that the gross gaming revenues (GGR) of the city will surpass MOP$180 billion (US$22.4 billion) this year.

The chief executive of Macau said at a news conference after the publishing of his 2024 Policy Address that it is quite unlikely that the GGR will reach the required level. According to the new 10-year concessions signed in December, Macau’s six concessionaires would have to increase non-gaming expenditure by 20% in 2024 if the GGR surpasses MOP$180 billion.

Granted that the official figures will be made public the next month, Ho resolutely said, “It has not reached MOP$180 billion, but I will not answer the question about 20%.” Additionally, he disclosed that the non-gambling investment plans of concessionaires for the next year had not yet received government authorization.

Ho provided little details on GGR statistics in Macau casino gaming areas reserved for foreigners. The government last year promised potential tax savings of up to 5% for revenues made in these zones as part of its efforts to increase international tourism. Ho, however, said that the details around these figures will not be disclosed to the public, pointing out that although the approved locations do exist, they do not attract a sizable number of gamblers.

Ho used caution while answering questions about whether any concessionaires had benefited from tax breaks.

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Original story by: IAG