The Macau SAR government has submitted its 2023 budget to the Legislative Assembly, with the text stating that it expects gross gaming revenue from gaming operators to reach MOP$130 billion ($16 billion US). This is exactly the same amount that the government has budgeted for each of the last two years.
The budget mentions: “With the resumption of mainland visits to Macau and the electronic registration of visas, these measures are beneficial to the tourism industry and are expected to increase the number of visitors to Macau. Therefore, the estimated GGR for 2023 is MOP$130 billion.
The government has also added a new line item called “Transfer of Fiscal Reserves from the Macao Special Administrative Region”, which will allocate MOP$36.5 billion ($4.5 billion) to cover budgeted expenditure in the event of shortfalls. to win.
In the 2020 and 2021 budgets, the Macau government predicted that the GGR would reach MOP$130 billion the following year, but the reality was very different from the forecast, with a GGR of MOP$86.8 billion (10, US$8 billion) in 2021 and only MOP $35.7 billion (US$4.43 billion) in the first 10 months of 2022.
Although MOP$130 billion seems out of step with reality, some have argued that the Macau government produced the estimate because it will be difficult to meet government expenditure without MOP$130 billion in GGR.
The government expects tour groups to increase the number of visitors to Macau, and the Macau Tour Guide Association pointed out in an interview with TDM that tour groups from Guangdong province should return to Macau. in November.
However, a number of new cases of COVID-19 have been reported across mainland China in recent days, including in Guangdong province, creating significant uncertainty around travel in general.