China, the one gaming market no one can live without. And the reopening of borders proved exactly that, as Macau's economy is now leaping back, driven entirely by tourism - with hopes optimistic GDP targets will trickle down into Macau's coffers.
MGM China’s Co-Chairperson Pansy Ho says she believes that Macau’s economy has already recovered to between 60 and 70 percent of pre-pandemic levels but notes that the SAR has to bank heavily on non-gaming attractions and bringing in more foreign visitors to achieve its goals.
Scholars at the University of Macau (UM) are projecting that Macau's economy could grow by as much as 44 percent in 2023, with GDP to top $31.3 billion, some 67 percent of the level registered in 2019 before the pandemic.
Macau’s economy is ‘expected to rebound at a double-digit rate for the whole year of 2023,’ according to the SAR’s monetary authority (AMCM).
The University of Macau Center for Macau Studies and the Department of Economics forecasts that the economy is likely to contract between 26.4 to 29.2 percent for the 2022 fiscal year. Local society "continues to see no clear prospects, effective economic recovery may be a long way off," the study cautions.
Macau’s economy is expected to expand by 19 percent in 2022 as inbound tourism from China picks up in the second half, according to a note from Fitch Ratings.
China has returned to set Macau on the path to shedding its reliance on casinos, as China's top official for Macau affairs arrived at Macau on Monday for a fact-finding visit.
Macau gov’t expects the gaming sector to drive economy/employment, while maintaining zero-COVID approach
Macau’s government is planning to maintain its zero-COVID policy and be ‘in unanimity’ with the epidemic prevention guidelines of mainland China, while simultaneously expecting that the SAR’s gaming sector delivers revenues which will equate to ‘not less than 40 percent’ of its Gross Domestic Product (GDP).