Macau Experiences New Post-Covid Revenue High In October; GGR To Reach US$26.8bln Next Year

Over the coming year, income from gaming is set to eclipse $26 billion, according to the latest budget released to Macau's Legislative Assembly on November 1st.

The prospects for the city's tourism sector will be one of the net benefits from the increase in gaming income, according to the legislative branch of Macau, which predicts it will serve as the main revenue base for the Macau government in the 2024 financial year.

It has been a tough few years for the region, particularly in the post-Covid years, which struggled in the pandemic more than other areas of the world due to its over-reliance on gambling.

According to reports from Yahoo Finance, revenue from Macau's casinos plummeted by 80% in 2020 compared to the previous year due to the pandemic.

Before the crisis, Macao was known as one of the wealthiest regions in the world. In 2019, its gross domestic product per capita was almost double that of Germany's $46,800 and twice as much as Japan's, according to data from the International Monetary Fund. This significant economic growth can be attributed to Macao's thriving tourism industry, which has been a major contributor to its economy for decades. With its unique blend of Chinese and Portuguese cultures, Macao has become a popular tourist destination, attracting millions yearly visitors.