Macau 2023 GGR expected to either meet or surpass $22.4 billion

According to Macau’s Chief Executive, gross gaming revenue (GGR) in Macau is anticipated to reach or surpass MOP180 billion ($22.4 billion) in 2023. This represents MOP50 billion ($6.22 billion) higher than the government had previously projected. The announcement came after the Gaming Watchdog (DICJ) revealed that GGR results through November were higher than MOP160 billion ($19.91 billion), representing a 324.9 percent rise in comparison to the same period last year.

Despite this positive outlook, the CE underlined continued efforts to attract more foreign visitors, particularly those from outside of China. Currently, mainland Chinese tourists account for 65 percent of all visits, with a sufficient number of visitors from Southeast and Northeast Asia. On the other hand, less than 10% of markets are long-distance, such as those in Europe and America.

The government has recommended that casinos concentrate on increasing the number of international visitors to their establishments and broadening their services to include non-gambling activities. These criteria are part of the operators’ 10-year gaming licensing duties that went into effect on January 1st. Furthermore, the licenses entail responsibilities to advertise various regions of Macau and guide tourists to newly established places in an effort to exceed the anticipated 40 million visitors in 2019.

Regarding the economy as a whole, the CE noted that it had recovered 70% from 2019 levels and expressed optimism that it would reach full recovery by 2024. Even if unemployment keeps going down, the chief executive stressed the necessity for “rigorous management” of non-resident worker numbers in order to reach levels comparable to those seen in 2019.

Original story by: Asia Gaming Brief