Q1 gaming revenue within gov’t expectation

Lionel Leong

The year-on-year decrease in casino gaming revenue recorded in the first quarter of 2016 was within the local government’s expectations, according to the Secretary for Economy and Finance, Lionel Leong.
On the sidelines of the swearing-
in ceremony of the new director and the new deputy director of the Macau Economic Services, Leong said that the fall in gaming revenue over March and for the quarter is in line with what the government forecast when they were preparing the budget proposal for this fiscal year.
Official data showed that gaming revenue in March amounted to approximately MOP18 billion, showing a reduction of 16.3 percent year-on-year. Gaming revenue in the first quarter recorded a 13.3 percent year-on-
year decline, to approximately MOP56 billion.
The Secretary for Economy and Finance said the issues impacting the region’s gaming industry were related to the performance of economies in other places and other external factors beyond the control of the MSAR. He noted that the external conditions had not significantly altered. Local casinos would benefit if there were positive changes in the performance of neighboring economies, he added.
Amid the ongoing adjustment period for the local gaming industry, the government pledged to step up their efforts to promote high-quality services and to boost the development of non-gaming offerings in casinos. These efforts could help further diversify the sources of Macau’s visitors. New visitors might include a greater number of middle-class families from international markets, Leong said.
Regarding the mid-term review of the city’s gaming industry, the secretary revealed that he had instructed the team of people involved in the translation work related to the review to speed up their efforts.
The mid-term review will examine the achievements of the city’s six gaming operators since the liberalization of the gaming industry in 2002. The concessions and sub-concessions will expire on various dates between 2020 and 2022.

‘macau loves locals’ assessment

When asked by reporters about the effectiveness of the “Macau Loves Locals” campaign, Lionel Leong said he believed such a campaign should not be thought of as a way to increase gaming revenue. According to the secretary, the campaign serves to allow local residents to enjoy non-gaming offerings at hotels and resorts managed by the region’s six casino operators.