GGRAsia – Macau govt forecasts US$27bln for 2024 casino GGR

Macau govt forecasts US$27bln for 2024 casino GGR

Nov 01, 2023 Newsdesk Latest News, Macau, Top of the deck

The Macau government estimates the city’s 2024 casino gross gaming revenue (GGR) will be MOP216.0 billion (US$26.80 billion), it said in the 2024 fiscal year budget proposal published on Wednesday.

“As Macau has introduced more brand-new tourism elements and is exploring additional visitor-source markets in the mainland and overseas, it is expected that the number of visitor arrivals to Macau will continue to grow,” stated the government.

“Based on that, the estimate for casino GGR for fiscal-year 2024 is MOP216.0 billion,” it added.

The government expects a surplus for 2024, according to the budget proposal submitted to the city’s Legislative Assembly. It estimates aggregate income – including from the 40-percent tax on gaming revenue – at MOP107.11 billion in 2024, and expenses at nearly MOP105.94 billion.

The government forecast revenue from gaming taxes for full-year 2024 to reach MOP75.60 billion. It also estimates that in 2024 it will collect MOP30.0 million in taxes on commissions that are paid by casinos to junkets, a threefold increase from the MOP10.0-million in such taxation the government expects it will receive for fiscal-year 2023.

In its budget for 2023, the Macau government had said it expected casino GGR to be MOP130 billion, estimating revenue from gaming taxes to reach just above MOP50.85 billion.

Macau’s casino GGR for the 10 months to October 31 stood at MOP148.45 billion, up 315.6 percent from the comparable 2022 period, according to official data published on Wednesday. October’s GGR was up 30.6 percent month-on-month, at just over MOP19.50 billion, making it the best monthly performance since January 2020, at the very beginning of the Covid-19 pandemic.

The government had already collected MOP45.77 billion in fiscal revenue from taxes on gaming in the first nine months of this year, according to the latest data released by the city’s Financial Services Bureau.