Macau’s Secretary for Economy and Finance, Lei Wai Nong, expressed confidence on Wednesday that the city’s gross gaming revenues (GGR) would achieve MOP$216 billion (US$27 billion) in 2024. This optimistic outlook is grounded in a comprehensive analysis of economic indicators from Q1 to Q3 in 2023, encompassing factors such as tourist volumes, spending dynamics, and the performance of both mass and VIP gaming segments.
Basis for Confidence:
Lei Wai Nong, addressing the Legislative Assembly, outlined the government’s basis for projecting robust GGR growth. Emphasizing the correlation between the number of tourists and gaming revenues, he highlighted a 75:25 ratio of betting turnover between mass and VIP halls, respectively. Notably, mid-market bets surged to an 80% ratio from June to October, underlining the impact of increased tourist numbers on GGR. The government’s optimistic estimate for 2024 is MOP$204 billion, with additional promotion efforts targeting overseas customers set to propel GGR to MOP$216 billion.
Tourism Promotion Program:
Lei Wai Nong introduced the forthcoming Tourism Promotion Program, scheduled for launch in 2024. This initiative is designed to enhance international visitation, with a strategic focus on promoting Macau to Northeast Asia and Southeast Asia. The government’s promotion of overseas visitor sources aligns with an external study affirming Macau’s popularity among travelers from Southeast Asia and Northeast Asia.
Recovery and Visitor Arrivals:
Maria Helena de Senna Fernandes, Director of the Macao Government Tourism Office (MGTO), provided insights into the recovery of international visitor arrivals. Notably, from an average of 1,000 daily arrivals in January, international visitor numbers surged to over 5,000 per day in October—a remarkable 75% recovery compared to 2019 levels.
Macau’s optimistic forecast for reaching MOP$216 billion in gross gaming revenues in 2024 signals a resilient recovery and strategic planning. The government’s emphasis on tourism promotion, particularly in key Asian markets, aligns with the observed correlation between increased tourist arrivals and heightened gaming activity. Macau remains poised for robust growth, building on positive economic trends and a rebound in international visitation.