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.

The Macau economy is expected to grow by some 35 percent in 2021, following a 50 percent contraction in 2020, ratings agency Fitch Ratings indicated in a report.

Secretary for Economy and Finance Lei Wai Nong has said Macau's economy is likely to shrink by 56.8 percent this year. That's slightly better than earlier estimates for a decline of 60.9 percent.

A recent table survey from Citigroup reveals a significant acceleration in gaming spending in Macau, with the average wager for high-stakes players—commonly referred to as ‘whales’—increasing by 43 percent.

Seaport Research Partners notes that Macau’s base mass is unlikely to experience a strong recovery until China’s economy and consumer confidence improve.