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Macau records quarterly GDP decline as tourist spending falls

Yesterday, a warning was issued that New York City's first-quarter GDP fell by about 3.2% year-on-year in real terms, in large part due to reduced internal investment and tourist spending.

Results for the three months to the end of March ended 10 consecutive quarters of GDP growth compared to the same period last year, and the comparative amount contributed by visiting gamblers to the local economy shrank 0.6%, according to a report citing official figures from the Enclave Statistical Survey.

Government statistics also showed that the sum of cash spent on non-gambling activities in Macau fell 0.3% year-on-year, while real investment plunged 32.1%. The notice also reportedly attributed the weakening to "weak growth" that led to "increasing downward pressure on the economy" despite a 21.2% quarterly increase in visitor numbers.

Macau is home to more than 35 casinos, including Hong Kong-listed operator MGM China Holdings Limited's huge MGM Kotai venue and SJM Holdings Limited' iconic casino Grand Lisboa, with overall GDP reportedly growing by about 4.7% year-on-year in 2018. The results reportedly rose for the second year in a row, with total gaming revenue up about 14% in the 12 months to nearly $37.5 billion.

Macau reportedly saw its first-quarter total gaming revenue fall 0.5% year-over-year, slightly above $9.4 billion, although its roughly $3.2 billion performance in May improved 1.8% from 31 .
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Wednesday, September 27, 2023

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