No significant increase in gaming revenues expected for Q4 – CE

Chief Executive Ho Iat Seng has stated yesterday (Tuesday) that since there is no precedent to the current Covid-19 pandemic it was difficult to estimate the performance of the local economy the fourth quarter, however, he predicted that there will be no significant increase in gaming tax revenues.

The Macau SAR government has collected a total of MOP22.8 billion in gaming taxes between January and August, less 70.1 per cent than in the same period last year.

Ho expected gaming results to be a little better in September than the previous month but with sharp growth reported, despite a greater influx of tourists in the second half of this month and before the start of the Golden Week holiday period on October 1.

Gross gaming revenues have taken a 94.5 per cent year-on-year plunge in July to about MOP1.3 billion, marking the fourth consecutive month this year with a fall over 90 per cent.

Meanwhile, cumulative gaming revenues for the first seven months of this year decreased by 80 per cent year-on-year to some MOP35 billion.

The CE made the comments after the inauguration of the construction works for the Macao Polytechnic Institute new library and research complex building.

The Chief Executive also revealed that he considered it possible that in the second half of this year some foreign countries be considered pandemic low-risk areas and allowing people from these regions to enter Macau.

This included Hong Kong, which despite has been able to improve its outbreak conditions, with the neighbouring SAR reporting no local coronavirus cases for the first time since the third wave of infections erupted in early July.

Ho will depart today to Sanya, Hainan to attend the 2020 Pan-Pearl River Delta Regional Cooperation Executive Heads Joint Meeting to be held on September 18.