Government Estimates Macau Casino Revenues to Reach $27 Billion in 2024

Government Estimates Macau Casino Revenues to Reach $27 Billion in 2024

The Special Administrative Region government estimates Macau casino revenues to reach $27 billion next year. It is due to the resurgence in the casino sector. Also, the revival will improve Macau’s financial position. In addition, it can lead to a surplus.

Macau Business reported that the Macau Special Administrative Region (SAR) government expects a surplus of $124.34 million in the coming year. It is due to an increase in public revenue of about $13.3 billion. In addition, they expect a decrease in public expenditure of approximately $13.18 billion.

The casino business hit a new post-Covid high in October, with total gaming revenue of MOP19.5 billion ($2.42 billion), according to the Gaming Inspection and Coordination Bureau. Overall gaming income for the year 2023 has been positively impacted by the results in October, bringing it to an estimated MOP148.45 billion ($18.43 billion), or almost 60% more than in 2019. It looked like brick-and-mortar casinos were able to compete in online casinos again.

In August, Chief Executive of the Macau Special Administrative Region Ho Iat Seng projected that the gambling mecca may earn between MOP170 billion and MOP180 billion ($21.1 and $22.35 billion) in gaming revenue by the end of the year. The numbers from October represent a significant advance in this direction.

Macau Casino Revenues

Government Estimates Macau Casino Revenues to Reach $27 Billion in 2024The SAR treasury needs to collect MOP75.6 billion ($9.4 billion) in gaming taxes during the following year, according to the proposed 2024 budget law revealed in the Legislative Assembly. This positive fiscal recovery has given municipal officials hope to avoid using emergency funds to make up for budget shortfalls, as they did regularly during the pandemic. During that time, people enjoyed playing online slot machines instead of going to casinos.

Macau’s financial reserves increased by more than MOP1 billion ($124 million) in August, according to the Macau Monetary Authority. This brings the total to almost MOP570 billion ($70.87 billion).

Continued volatility in international financial markets is highlighted in the budget report as a possible threat to domestic economic growth. As a result, while preserving the quality and standard of public services, the government will focus on the needs of those most susceptible to harm. As expected, the budget calls for further austerity and personnel cuts in the next year to keep government coffers healthy.

Furthermore, the government will make appropriate adjustments to its resource allocation in the public sector infrastructure, thereby reinforcing the groundwork for economic recovery and future development, considering the significant reduction in expenditures related to health and epidemic prevention and associated financial aid measures.

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