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.
Jul 19, 2019Sega Sammy Creation Inc, a Japanese supplier of casino gaming equipment, says Dominic Laubach, a 10-year veteran at executive level in the Macau casino market, has joined the firm’s Asia sales...
Jul 19, 2019
”We’ve been in Japan and in many other places, and while we have to be mindful of our investments ... we have the type of profile now and relationships with financial institutions where we are in a position to take a look at fresh opportunities”
Chairman of Hong Kong-listed casino investor NagaCorp