Macau’s government said in its fiscal 2023 budget proposal released on Friday it estimates casino gross gaming revenue (GGR) to be $130 billion ($16.08 billion) in 2023.

Still, a fiscal deficit is expected in 2023, with total revenue, including nearly 40% of gaming revenue, at MOP 69.5 billion, excluding fiscal reserves. Total spending in 2023 is estimated to be MOP 104.5 billion. The government said it would include 35.6 billion MOPs in its fiscal reserves to cover revenue shortfalls.

“The impact of the pandemic will continue into 2022, creating a difference between casino gross game revenue estimates and actual figures,” the government said earlier, referring to this year’s GGR outlook miss. 온라인경마

While the Chief Executive’s Office states in the 2023 budget, submits it to the city council and expects improvements to tourism trade in 2023, “following the gradual resumption of package tours in mainland China and the electronic issuance of travel permits to benefit the tourism sector, the number of visitors to Macau will rebound.”

The office added. “Based on that, total casino gaming revenue for FY203 is estimated to be MOP 130 billion.”

To date, the Macau government has yet to release a correction to its initial estimate for the 2022 casino GGR, which was also a 130 billion MOP. For the nine months to Oct. 31, the GGR tally was MOP 35.7 billion, compared with nearly MOP 72.2 billion for the same period in 2021.

But it lowered its 2022 full-year game tax forecast to 34.37 billion MOPs, just below 49.76 billion MOPs. The government expects to collect about 45.5 billion in direct taxes on games in 2023.

Recent budget plans heralded macroeconomic challenges in 2023.

Although “including the central government’s support for Macau…” There are a number of positive factors, especially supporting the resumption of electronic issuance of travel visas [for mainland Chinese travelers] visiting Macau and the gradual resumption of package tours from the ‘private date’.” It was referring to travel organizations in Guangdong, Jiangsu, Zhejiang, Fujian and Shanghai.

The newspaper said, “In addition, a revised legal system has been implemented for the operation of games of good luck or chance in casinos. Next year, new casino concessions will develop and promote non-game elements in line with the commitments made in the bidding, providing new opportunities in the field of integrated tourism,” it added

It was a reference to the ongoing open tender process for new game concessions for up to six and ten years in the city.

The document added. “These positive factors could gradually help reduce the [COVID-19] pandemic’s negative impact and uncertainty and lead the Macau economy to be sustainable in a healthy way.”

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