Lionel Leong stands by MOP 200 billion GGR forecast

Macau Secretary for Economy and Finance, Lionel Leong has reiterated casino gross gaming revenue will reach MOP 200 billion at the end of the year, following the results of the first five months of 2016.

The secretary made the comments after the opening ceremony of the Fourth Annual Conference of World Cultural Forum (Taihu, China), held in Macau.

The decline in gaming revenue for the first five months of 2016 had narrowed in year-on-year terms and was within the Government’s expectations for 2016, said the Secretary.

Earlier this year, it was reported that accumulated gross gaming revenue from the first three months of 2016 was MOP 56.2 billion, representing a year on year decline of 13.3 percent against the same period in 2015.

At the time, Leong said despite first quarter results falling short of analyst estimates, the first quarter revenue figures have been factored into the earlier estimate of full year GGR for the city, and had stood also behind the MOP 200 billion forecast for casino gaming revenue in 2016.

Last month, gross gaming revenue (GGR) was down 9.6 percent to MOP 18.4 billion (US$2.3 billion) in May, below analysts’ expectations.

Leong noted that gaming revenue for June will likely be lower than that recorded in May, but did not give a forecast for June.