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Coronavirus: Macau forecasted GGR for 2020 halved by Government

Coronavirus: Macau forecasted GGR for 2020 halved by Government

The forecast for Macau’s gross gaming revenue (GGR) has been halved by the jurisdiction's Government for 2020.

As reported by GGR Asia, the full-year projection has been slashed to MOP130bn (US$16.3bn) from MOP260bn, due to the disruption caused by the coronavirus outbreak, which has already had a detrimental effect on casinos in Macau.

The revised forecast is part of a new 2020 budget plan announced by local authorities on Thursday 19 March, which needs approval by the city’s legislative assembly.

GGR for 2020 will decline by 55% compared to last year, according to the forecast. Also in the release, the Government now expects to collect lower tax revenue from the city’s gaming industry.

The virus, which has caused more than 9,000 deaths worldwide out of 223,000 reported cases, caused February GGR for Macau to drop 88% year-on-year to MOP3.10bn.

Casino operations were closed for two weeks until 20 February, where casinos were given 30 days to resume full operations.

Earlier on Thursday, Macau recorded two more confirmed cases of coronavirus, taking the total tally to 17.

Source: gamblinginsider.com

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