• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

New gaming licences to boost Macau GDP in 2023: IMF

Jan 25, 2022 Newsdesk Latest News, Macau, Top of the deck  


New gaming licences to boost Macau GDP in 2023: IMF

The International Monetary Fund (IMF) expects Macau’s economy to continue to expand in coming years, after an estimated 17-percent growth in 2021, “helped by the partial recovery of the gaming sector”. But, it warned, “it will take time before the economy returns to its pre-crisis level.”

The fund issued a written statement on Sunday that offered the prediction in the light of discussions last week between IMF officials and Macau officials.

Macau’s gross domestic product (GDP) is projected to grow by 15 percent in 2022, “driven by the gradual return of foreign tourists and the recovery of domestic demand,” said the IMF.

It added: “Boosted by increasing investment linked to the issuance of new gaming concessions and further integration with the Guangdong‑Hong Kong‑Macao Greater Bay Area, growth is expected to accelerate to 23 percent in 2023 before gradually converging to its long‑term potential of around 3.5 percent over the medium term.”

Macau is currently revising its gaming law framework, as a linked issue to a fresh public tender process for Macau gaming rights associated with the expiry of the current permits in June this year. Members of Macau’s Legislative Assembly approved on Monday the first reading of the government-backed bill.

The IMF said the amended proposal to reform Macau’s gaming law “has addressed a number of investor concerns, but some uncertainty remains.” It noted that the tightening of rules on junkets’ operations – and their marketing services in mainland China – “poses risks to the outlook of the VIP segment of the market.”

The retreat of the junket sector in Macau has coincided with several unanticipated events in the market. They included the closure of all Suncity Group VIP rooms in the city, after the brand’s founder Alvin Chau Cheok Wa was detained on November 27 on suspicion of organising illegal gambling for Chinese customers, including online gambling via the Philippines.

In its assessment of Macau’s macroeconomic situation, the IMF stated that “given the depth of the economic losses” during the Covid-19 pandemic, the level of Macau’s GDP “is expected to surpass its pre-crisis level only in 2025″.

Although the strong fiscal support from the Macau government and the financial strength of the city’s casino operators “cushioned employment and consumption, the sharp decline in activity” exposed Macau’s “vulnerabilities to external forces affecting the inflow of tourists,” said the IMF.

The institution highlighted some short-term risks to its outlook for Macau, including a “re-intensification of the pandemic” and an increase in the city’s “financial sector stress”.

In its report, the IMF said the strength of Macau’s recovery “hinges on a safe reopening” to tourists. The opening of travel corridors between Macau and “other economies with high inoculation and low infection rates could accelerate the recovery of the gaming sector,” said the fund.

Mainland China remains the only place to have a largely-quarantine free travel arrangement with Macau.


  • tweet
Related articles
  • Singapore visitor tally in year to April beats full-2021
    Singapore visitor tally in year to...

    May 25, 2022  

  • Macau unemployment an instability factor to security: govt
    Macau unemployment an instability...

    May 24, 2022  

More news
  • Shinhwa World to add condos, villas amid recovery: exec
    Shinhwa World to add condos, villas...

    May 26, 2022  

  • Marina Bay Sands to hire up to 2,000 workers: firm
    Marina Bay Sands to hire up to 2,000...

    May 26, 2022  


Latest News

Shinhwa World to add condos, villas amid recovery: exec

Shinhwa World to add condos, villas amid recovery: exec

May 26, 2022  

Jeju Shinhwa World, a leisure complex with a foreigner-only gaming venue called Landing Casino, on the South Korean holiday island of Jeju, aims to add 100 more units of ‘Somerset’-branded...
Read More
Marina Bay Sands to hire up to 2,000 workers: firm

Marina Bay Sands to hire up to 2,000 workers: firm

May 26, 2022  

Macau satellites seek biz model leeway, says Ponte 16 boss

Macau satellites seek biz model leeway, says Ponte 16 boss

May 26, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


540,430

Visitors arrivals to Singapore in the first four months of 2022



Most Popular

  • Wynn Macau Ltd asks managers to take 10pct wage in stockWynn Macau Ltd asks managers to take 10pct wage in stock May 24, 2022
  • Macau op debt to hit US$25bln unless travel eased 2H: MSMacau op debt to hit US$25bln unless travel eased 2H: MS May 24, 2022
  • Outbound group tours still paused: China immigrationOutbound group tours still paused: China immigration May 24, 2022
  • Macau GGR tax cut idea tied to China outlook: brokerageMacau GGR tax cut idea tied to China outlook: brokerage May 23, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us