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Macau leader expresses confidence Macau 2023 GGR will reach $16 billion

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Macau’s chief executive Ho Iat Seng has expressed confidence in Macau’s economic growth this year. Speaking to local media, the city’s leader didn’t give an exact prediction figure for gross gaming revenue (GGR), but noted that, given the results in January ($1.43 billion), it was likely the government could reach its budgeted MOP130 billion ($16.1 billion) goal.

The GGR forecast figure was the exact same one expected for 2021 and 2022, even though the effects of the pandemic are expected to fade this year, after Macau opened up in January and appears to want to continue its open-border policy throughout the year.

Despite the easing of restrictions throughout Macau, Hong Kong and mainland China, the Macau top official commented that the pandemic is not yet over, cautioning preemptive estimates on recovery.

Macau’s top official is ratcheting up his own personal trips to reestablish ties, visiting Hong Kong on Saturday and planning to visit Portugal and Luxembourg later this year.

During his Hong Kong trip, Ho Iat Seng pledged to further improve ties with the neighboring city, including in the tourism area, while reinforcing that Macau’s six gaming concessionaires are required to uphold their investment pledges laid out in their new contracts.

This includes some $13.4 billion in non-gaming investment, of the total $14.8 investment the six operators have promised over the 10-year period of the contracts.

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