BEIJING (Reuters) – On line casino (EPA:) revenues in Macau, the world’s greatest playing hub, soared by almost 1 / 4 in 2024 however nonetheless got here in wanting pre-pandemic ranges, underlining the necessity for the previous Portuguese colony to diversify its financial system.
Gaming income final 12 months reached 226.8 billion patacas ($28.35 billion), up 23.9% from 2023, in line with information revealed by the Gaming Inspection and Coordination Bureau on Wednesday.
That topped the federal government’s estimate of 216 billion patacas, however trailed the 292.5 billion patacas logged in 2019.
Notably, income fell 2.0% in December, the one month registering a year-on-year decline in 2024.
The drop coincided with tighter safety surrounding a three-day go to by Chinese language President Xi Jinping to mark 1 / 4 century of Beijing’s rule.
Macau returned to Chinese language rule on Dec. 20, 1999, ruled below the identical “one nation, two programs” system as close by Hong Kong.
Throughout his journey, Xi urged Macau to have the “braveness” to diversify its financial system by establishing new industries and higher connecting with the mainland’s nationwide creating methods.
That features elevated financial integration with the Better Bay Space, a area within the Pearl River delta linking cities reminiscent of Hong Kong and Guangzhou.
To spice up its world competitiveness, Xi mentioned Macau ought to additional promote cooperation with Portuguese-speaking international locations and actively take part in Beijing’s Belt and Street Initiative, an bold infrastructure plan geared toward boosting commerce between China and the remainder of the world.
Macau, a particular administrative area of China, is the one place within the nation the place playing is authorized. Its financial system is closely reliant on casinos, which contributes about 80% of tax revenues.
However China’s long-term anti-corruption drive has reined in playing revenues from the high-roller VIP sector, which have been additional depressed in the course of the pandemic years when strict journey restrictions sharply curtailed visits from mainland vacationers.
($1 = 7.9990 patacas)
