Economy

Fiscal revenue not as optimistic as expected: Tai Kin Ip

Tai Kin Ip attends the 2025 seminar for the industrial and commercial sectors hosted by the Macao Chamber of Commerce

Secretary for Economy and Finance Anton Tai Kin Ip stated that the gross gaming revenue (GGR) has yet to reach the target of 20 billion patacas per month, suggesting that “this year’s fiscal revenue may not be as optimistic as expected.

This comes after the Gaming Inspection and Coordination Bureau (DICJ) reported yesterday morning that the casino sector generated a GGR of 19.659 billion patacas, marking a 0.8% increase compared to the previous year.

Speaking at a business seminar held by the Macau Chamber of Commerce yesterday, Tai said: “We must thoroughly analyze the future economic situation and adhere to the Basic Law of maintaining expenditure within the limits of revenue while managing our finances prudently”.

According to the Secretary, the GGR for the first three months of this year totaled 57.66 billion patacas, which is “basically unchanged year on year”. 

Yesterday, Tai shared his insights on Macau’s current economic situation with representatives from the industrial and commercial sectors, highlighting three key points, namely, “Macau’s economic situation is generally stable, but caution is required due to existing uncertainties”; “The business environment must be continuously improved to support enterprise operations and growth”; and “there should be a strong push for industry diversification to enhance integration with the broader context of the nation’s development”.

Thanks to the Central Government’s supportive policies for Macau, the number of visitor arrivals has continued to rise this year.

However, he said, changes in tourists’ spending patterns and behaviors have led to a 14.6% year-on-year decline in per capita spending, now at 2,157 patacas, posing “a new challenge to local enterprises”.

In the employment market, Tai noted that the unemployment rate for local residents remains at a “relatively low level” of 2.3%.

He emphasized that the government has supported small- and medium-sized enterprisers (SMEs) in sustaining, innovating and upgrading their operations through a range of measures, including financial support, customer acquisition, consumer promotions, and manpower resources.

Notably, to address human resource challenges, the government has alleviated pressures on SMEs by expediting the vetting and approval process for applications to employ non-resident workers.

Emphasizing that Hengqin serves as a new platform for Macau promoting its appropriately diversified economic development, Tai said that the government, through a leading group, will enhance its support for the Guangdong-Macau In-depth Cooperation Zone in Hengqin by focusing on policies, legal frameworks, personnel, and resource investment. In expanding international ties, Macau will continue to serve as an “effective and precise” connector between China and Portugal. It will also broaden cooperation with Portuguese- and Spanish-speaking countries, as well as other nations, to enhance international exchanges and collaboration, aiming to strengthen Macau’s role in supporting the nation’s efforts to open up to the global community.

‘Invest more in people’: Chui

During yesterday’s meeting, which lasted nearly three hours, Chui Sai Cheong, president of the Macau Chamber of Commerce, proposed that the government should “invest more in people,” particularly in childcare, education, healthcare, and elderly care, to ease the public’s burden.

He also urged the business sector to “seize the opportunities presented by the nation’s development strategies,” including enhancing international exchanges and cooperation, promoting the government’s “1+4” development strategy, and supporting the growth of the private sector.

According to Chui, the chamber will hold the 18th World Chinese Entrepreneurs Convention (WCEC) in Macau from November 2-4.

Suggestion from Melco & Air Macau

Five representatives from the industry and enterprises spoke at the meeting yesterday. Among them, Clarence Chung Yuk Man, non-executive director of Melco Resorts, noted that Macau’s visitor source market remains highly dependent in the mainland market. He pointed out that neighboring regions are accelerating the development of integrated tourism and leisure industries, highlighting the increasing international competition.

Chung suggested that the government should connect with other industries and explore new areas such as healthcare and medical aesthetics to cultivate new growth points.

The representative said that he believes enriching iconic performing arts programs, such as “The House of Dancing Water”, as well as continuing to organize concerts, international sports events, conventions, and exhibitions, are effective ways to attract tourists back to the city.

He emphasized that consolidating Macau as an international Culinary Capital will also help extend visitors’ length of stay.

In the meantime, he urged the government to cooperate with various stakeholders, such as operators, scenic spots, and hotels, to integrate established tourism routes and create special community tourism routes, with a view to enhancing accessibility and popularity while promoting the concept of “Community Economy + Integrated Tourism”.

Another representative, a deputy director of Air Macau, noted that the airline launched over 24,000 flights and carried more than 3.21 million passengers in fiscal year 2024, a growth of more than 50% year on year and approaching pre-Covid-19 pandemic levels in 2019. However, despite this growth, she said, “the company is still facing a significant loss” due to various factors.

She put forward three proposals to the government, including further reducing and offering concessions on fees and charges for aviation-related services, as well as setting up a dedicated scheme for civil aviation talents and setting up a dedicated fund for aviation talents. Staff Reporter

Categories Headlines Macau