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Macao’s GGR will reach 231 billion patacas next year, says Fitch

The top ratings agency has made its predictions for next year’s global gaming industry, and sees continuing growth in Asia in spite of China’s weakening economy.

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The top ratings agency has made its predictions for next year’s global gaming industry, and sees continuing growth in Asia in spite of China’s weakening economy.

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PUBLISHED

UPDATED: 21 Dec 2023, 11:04 pm

Fitch Ratings believes that Macao’s gross gaming revenue (GRR) in 2024 will rebound to 79 percent of what it was in 2019, according to its recently published Global Gaming Outlook.

That would mean earnings of 231 billion patacas, compared to the pre-pandemic figure of 292 billion. The US credit rating agency’s forecast is more optimistic than the local government’s – which has said it expects GGR to reach 216 billion patacas next year.

Globally speaking, Fitch Ratings’ gaming outlook for next year is neutral. This reflects a “slight pullback from the pent-up demand seen in the US” and a “continuation of improving visitor demand” in the Asia-Pacific region, the report noted. 

[See more: Moody’s downgrades Macao’s outlook from stable to negative]

“All eyes will be on Macau in 2024, as visitation continues to grow against a backdrop of a weakening China economy,” it continued.

Singapore’s gaming sector was also performing above expectations and seeing its customer base diversify away from China, Fitch Ratings said.

As of the end of November, accumulated GGR for 2023 stood at 164.4 billion patacas. Analysts have predicted the yearly total could top 180 billion patacas.

 

UPDATED: 21 Dec 2023, 11:04 pm

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