The Secretary for Economy and Finance, Mr Leong Vai Tac, today expressed his confidence in Macao’s long-term economic development, based upon the growth in real terms registered during 2018 in the city’s economy, during a period of volatility in global economic conditions.
Mr Leong told reporters that 2018 economic growth locally – and his confidence in the outlook from now on – were due to the Government’s strong efforts in optimising the structure of the city’s economy and in promoting key nascent industries. Another positive factor had been the policy of encouraging non-gaming offerings at the city’s casino resorts.
Secretary Leong said the Government nonetheless remained vigilant to potential headwinds for Macao in the short term, relating to uncertainties in the global economy. He assured the public that the Government would maintain the underlying principle of pursuing progress while ensuring stability.
Regarding casino-sector gaming revenue, Mr Leong noted that the contribution of the mass market had been growing. Stronger mass-market performance might be good for the local community, by improving Macao’s resilience to global economic volatility and assisting in the sustainable development of Macao’s economy.
Mr Leong additionally said gaming revenue from the casino sector was best evaluated on a quarterly basis, especially with regard to the first quarter each year. He went on to explain that the calendar month in which the Lunar New Year fell from one year to the next – and whether the month of February was lengthened due to a leap year – could make a difference to gaming-sector performance.