Macau’s government has forecast an 11% increase in gross gaming revenue (GGR) for 2025, projecting that the city’s casino industry will generate 240 billion patacas ($29.93 billion) as post-COVID tourism recovery boosts visitation.
The GGR forecast, part of the 2025 budget proposal submitted to Macau’s Legislative Assembly, represents a rise from 216 billion patacas in 2024 and reflects confidence in the rebound of Macau’s economy and tourism sector.
“The recovery of the integrated tourism and leisure industry is expected to continue next year, with the number of visitors to Macau continuing to rise,” the government said. The 2025 budget plan estimates the Macau government will collect 80 billion patacas in gaming taxes from the city’s six casino concessionaires for the financial year 2025.
The budget proposal outlines anticipated government revenue of 121 billion patacas and expenses of 113.3 billion patacas, which would result in a 7.7 billion pataca budget surplus. The proposed spending for 2025 represents a 7% increase from the previous year, with significant investments directed toward social welfare and education.
Social welfare initiatives are set to receive 25.78 billion patacas, funding the government’s wealth distribution program, medical and utility subsidies, and continuous education programs. Additionally, 13.94 billion patacas will be allocated to support students with tuition aid, educational supplies, and subsidies for teachers, elderly, disabled persons, and disadvantaged families. A further 3.27 billion patacas is earmarked for the central provident fund.
The government also plans to extend tax reductions, totaling 4.83 billion patacas, to stimulate the economy. These include a 60% remittance on the 2023 Macao professional tax, with a 14,000-pataca cap, and a 3,500-pataca reduction on property taxes, both set to continue into 2025.
Macau’s Chief Executive Ho Iat Seng is expected to present the 2025 budget proposal to the Legislative Assembly on November 19, during his annual summary of the government’s work in 2024.
Macau’s gaming revenue rose to a new post-COVID record in October, bolstered by a surge in tourism during China’s Golden Week holiday. Gross gaming revenue reached 20.8 billion patacas ($2.6 billion), a 6.6% year-on-year increase, according to the Gaming Inspection and Coordination Bureau. The October results marked the highest monthly revenue figure since major pandemic-related restrictions were lifted in early 2023.
Original article: https://www.yogonet.com/international/noticias/2024/11/15/85416-macau-govt-forecasts-11-increase-in-ggr-to-30b-in-financial-year-2025
