Macau’s secretary for the Economy and Finance Francis Tam Pak Yuen said Thursday that the Macau Special Administrative Region’s (MSAR) economy would continue to see “stable development” and forecast two-digit growth of gaming revenues this year.
Tam, who was speaking at the end of the meeting of the Economic Development Council, warned of a need to be on the lookout for “external factors” that could affect the local economy and lead to “some oscillation” in the local economy throughout 2014.
“I see no reason to doubt that there will be stable economic development,” in Macau, he said.
Despite projecting two-digit growth on casino gaming and gambling revenues, which are charged at a 35 percent rate of direct tax and 4 percent indirect taxes, Tam warned that the rise would not be high. In 2013 total revenues for the gaming and gambling sector were 361.866 billion patacas (US$45.233 billion).
Tam also said that Macau’s inflation “is rising as a result of internal demand and the prosperity of the tourism sector, especially during long holidays in China, which bring large numbers of visitors to Macau, and thus place significant pressure on domestic demand and a constant high cost of living.” (macauhub)