Thursday, June 30, 2022

Lionel Leong says austerity measures in place if GGR falls too low


Secretary for Economy and Finance Lionel Leong indicated that the government would formulate internal austerity measures if June gaming revenues fell to MOP15.7 billion ($2 billion), which would imply that the average monthly gaming revenues for the first six months of the year were lower than MOP20 billion. 

Predicting June gaming revenues may drop 20 percent from May to June to around MOP16 billion, Lionel told reporters that the government has already implemented some safeguard measures such as cutting costs, but that reductions in spending would not affect people’s livelihoods or hinder public works projects.

UBS expects June GGR to drop 32 percent to 37 percent year-on-year to MOP17.1 to 18.4 billion.

UBS analysts said that the junket segment is “clearly still sequentially weakening, and mass segment is not showing enough signs of stabilization yet.”

 

 

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