Macau will continue to face economic headwinds into the third quarter, following dual revelations in past weeks that August gross gaming revenue dropped the fastest this year and that the city has officially entered recession.
Business
Monetary Authority of Macao released statistics on Wednesday that showed broad money supply continuing to fall in July.
Gross gaming revenue slipped 8.6 per cent year-on-year in August to 24.26 billion patacas owing partly to a difficult comparison base for the month last year.
Construction of Grand Lisboa Palace in Cotai would be completed by early next month.
Macau is in a technical recession after gross domestic product (GDP) fell by 1.8 per cent year-on-year in real terms in the second quarter and by 3.2 per cent in the first quarter.
Nearly 15%of Macau’s employees worked for the gaming sector in the second quarter of the year.
Macau won the “Best MICE City – Asia” award at the “1st M&C Asia Stella Awards 2019” event in Singapore.
Companies from Portuguese-speaking countries that plan to enter the Greater Bay Area via Macau can benefit from the financial leasing service of Banco Nacional Ultramarino.