Secretary Lei Wai Nong optimistic about the economic development of Macau

6 January 2020

The Secretary for Economy and Finance of the Macau government expressed his optimism about the development of the territory’s economy, despite a drop in gross revenues in 2019 at casinos, the main local industry, in statements to the press on Friday.

Law Wai Nong, who replaced Leong Vai Tac in the role, pointed out that although gaming revenues had fallen by 3.4% on year to 292.4 billion patacas, the mass segment accounted for 53.7% and the VIP segment, which used to account for most of the revenues, dropped to 46.3%.

“The revenue in the VIP rooms registered a drop of 18.3% in 2019, unlike the mass market, in which there was an increase of 16.7%, and the same happened in gaming machines,” said the secretary.

The secretary also pointed out that the “stability and sustainable development of the mass rooms are the pillars,” for the continuous development of the sector in general.

Law Wai Nong said that, at the appropriate time, the government would launch several infrastructure projects, increasing domestic consumption, thus boosting investment and also ensuring economic stability. (macauhub)