The Economist Intelligence Unit (EIU) says in its latest analysis on the outlook for Macau that it expects the city’s economy to contract 0.3 percent this year, after a 3.2 percent first-quarter shrinkage.
The research and analysis division of The Economist Group said in a Friday report that it expected Macau’s 2019 gross domestic product (GDP) to shrink, given fewer government investments in public works and no new openings of large-scale casino resorts.
The EIU’s report also pointed out that the deceleration of mainland China’s economy could affect Macau’s economy, particularly the city’s casinos.
Macau’s casino gross gaming revenue (GGR) tally for the first five months of 2019 stood at nearly MOP125.69 billion (US$15.62 billion), a year-on-year contraction of 1.6 percent, according to official data.
Full-year 2018 GDP in Macau was 4.7 percent greater than in 2017, the city’s Statistics and Census Service said in February. It was the second consecutive annual rise, boosted by revenue growth in the city’s gaming industry.
In its Friday report, the EIU said it expected Macau’s economy to return to growth in 2020, with the city’s GDP increasing by 1.6 percent due to new public works projects and the expected opening of the HKD36-billion (US$4.6 billion) Grand Lisboa Palace casino resort early next year. It will be the first Cotai resort for Macau casino operator SJM Holdings Ltd.
Jan 22, 2021Were China’s central government-backed digital yuan (CNY) to be adopted in Macau for casino chip transactions, it could in the long run benefit mass and premium-mass play, as cross-border money...
Jan 22, 2021
Jan 22, 2021
"The entire company is eagerly anticipating the launch of our newest themed destination – The Londoner Macao"
Wilfred Wong Ying Wai
President of Macau-based casino operator Sands China