Macau is preparing for a substantial boost in tourism numbers, with projections indicating 36 million visitors by the year 2025. This represents a nearly 9% increase from this year's estimated visitor count of 33 million, as stated by Lei Wai Nong, the city's Secretary for Economy and Finance, during a recent Legislative Assembly session. If these projections come to fruition, it would equate to a 91% recovery rate from the 39.4 million visitors seen in 2019, which was the last full year before the COVID-19 pandemic drastically altered global travel patterns.
In the Legislative Assembly gathering, Mr. Lei also addressed questions concerning the government's projected casino gross gaming revenue (GGR) for 2025. The forecast stands at MOP240 billion (approximately USD 29.9 billion). These remarks were in alignment with earlier statements by the city's Chief Executive, Ho Iat Seng. Mr. Lei, who oversees Macau's vital gaming sector, explained that the estimated MOP240 billion was derived following "cautious consideration". This assessment assumes that Macau could reach a GGR of between MOP226 billion and MOP228 billion this year.
Current Tourism and Gaming Industry Statistics
The city has witnessed significant growth in its gambling industry over the past year. Macau's casino GGR for the initial ten months of this year has reached MOP190.14 billion, marking an impressive 28.1% rise compared to the same period last year. These figures support the notion that the tourism industry is on a promising recovery path. The forecast for 2024 indicates 33 million visitors, a prediction described by Mr. Lei as "reachable", formulated at the year's start. Recent statistics reveal that Macau welcomed just shy of 29.06 million visitors within the first ten months of the current year, showing a noticeable 28.1% year-on-year growth. This influx corresponds to about 87% of the visitor numbers recorded during the equivalent period in 2019. Such a recovery rate underscores Macau's resilience and its ability to rebound in attracting international tourists and sustaining its economy.
Future Prospects and Implications for Macau
The anticipated increase in tourism is not merely a reflection of past advancements but is also a sign of the potential Macau holds for the future. If the projections are met, they would suggest a return close to pre-pandemic conditions, facilitating steady economic growth and bolstering the city's critical gaming sector. The city's strategic handling of its tourism and gaming revenue predictions reflects a broader confidence in its economic recovery journey.
Overall, Macau's approach combines pragmatic fiscal estimates with aspiring visitor targets, ensuring its economy remains robust in the face of recent global challenges. With this comprehensive strategy, Macau aims to hold its position as a key international hub for tourism and gaming, inviting millions of visitors to partake in what the city offers in the years to come.
Source: Macau to get 36mln visitors in 2025: Secretary Lei, GGRAsia, November 21, 2024.
Posted by Wizard
Nov 22 2024
Nov 22 2024
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