Macau's Gaming Revenue Recovery in Q1 2023 and Investment in Community Projects
According to Macau’s Gaming Inspection and Coordination Bureau, Macau’s gross gaming revenue (GGR) in the first quarter of 2023 reached about 45 percent of pre-Covid levels, with mass-market GGR at about 67 percent of 2019’s level, while the VIP segment only rose to 23 percent. The overall GGR rose to MOP34.6 billion ($4.3 billion) in the first quarter of 2023, up 95 percent from a year earlier, compared with MOP76.2 billion in the first quarter of 2019. Macau’s Secretary for Economy and Finance, Lei Wai Nong, recently revealed that Macau welcomed more than 98,000 tourists on Saturday, April 15th, and visitor arrivals in Macau this year have recovered to about 58 percent of pre-COVID levels. The gaming operators in Macau have pledged to spend in aggregate MOP108.7 billion ($13.5 billion) on non-gaming as part of their new 10-year concessions, and they have to submit an annual execution plan to the Macau authorities detailing specific projects they have mentioned in their concession investment plan. The official believes that the investment of gaming operators in community projects will activate the vitality of the city and accelerate the recovery of the tourism market.