Lionel Leong Vai Tac, Macau’s Secretary for Economy and Finance, said this weekend at a youth employment fair that the administrative region’s casino revenue for July will probably not exceed the amount of MOP18.4 billion, although official information will not be released before next Monday.
If the revenue does not reach the “red line” that the government has set, city officials will launch austerity measures. Mr. Leong pointed out that if this happens, he will meet Macau’s Chief Executive Fernando Chui Sai On early in August so as to determine what measures exactly need to be taken.
The Secretary for Economy and Finance for the only Chinese administrative region where casino gambling is permitted commented that given the figures for the first twenty or so days of July, gambling venues are not likely to generate more than MOP18 billion by the end of the month.
Mr. Leong added that up until this year, gaming revenue for July exceeded the figures reported for June by a billion. However, the increase is not likely to be over MOP1 billion in July 2015. Last month, all six casino operators that provide their services in Macau reported overall gaming revenue of MOP17.4 billion. June was the thirteenth consecutive month when a drop in gaming proceeds was marked.
Mr. Leong noted that the government will monitor closely how much the six operators will generate in the last days of July and whether overall revenue will eventually exceed the MOP18.4-billion mark. The Gaming Inspection and Co-ordination Bureau is to publish the official monthly results on Monday, August 3.
The official also commented on the city’s employment prospects, saying that a number of non-gaming business entities are still looking for employees. Mr. Leong also pointed out that the unemployment rate in Macau is currently lower than in surrounding regions. As of May 2015, the city’s unemployment rate was 1.8%.
Macau’s government has formerly promised that if austerity measures are launched, those would affect only its entities. In other words, social services would remain intact.
The administrative region’s revenue for the first six months ended June 30 amounted to MOP121.65 billion, down 37% as compared to what was posted for the same period a year ago.
