Operators face 1% tax hike on GGR; greatest concern is fate of satellite casinos and potential effect of job losses on Macao’s economy.
gross gaming revenue
Receipts just MOP 23.79 billion for first five months of the year, whereas government had predicted MOP 130 billion for whole of 2022.
Numerous Covid-19 outbreaks in mainland China and lockdowns take a toll on the city’s gaming industry and government coffers.
Concessionaires’ contributions to city’s development will stay the same; chief executive will have final say in ‘major’ financial decisions.
Increase over January lifts GGR to MOP 7.7 billion, marginally up on February 2021.
Once again, blame for poor performance attributed to raft of restrictions introduced to combat the Covid-19 pandemic.
Central government gives Macao the green light for quarantine-free travel between Macao and Hong Kong, new developments to be announced soon.
Poor casino revenues impacted by Covid-19 compel government to dig into Macao’s reserves for the third time this year.
This year’s GGR likely to reach only MOP 91 billion, about MOP 40 billion short of government target.