Macau – The government of Macau has today dropped its forecast for gross gaming revenue by fifty percent for the entire year of 2020 due to the negative impact surrounding coronavirus.
The virus has already had dire consequences for the special administrative region’s local economy and now government officials have reduced this year’s forecast to around sixteen billion dollars, down from 32 billion dollars in initial forecasts made earlier this year.
Such forecast was released in a revised budget plan by authorities in the region, which will need approval by the Legislative Assembly; a 33-member body comprising 14 directly elected members, 12 indirectly elected members representing functional constituencies and 7 members appointed by the chief executive.
The new prediction comes from the effects on Macau so far this year due to Covid-19 spreading from mainland China. The Macau government usually underestimates its annual forecasts, particularly for gross gaming revenue, so some experts are saying that the figure may be higher come the end of the year.
However, the uncertainty surrounding the gaming industry is still high following a number of preventative measures by the government to stop the spread of the disease, including a fifteen day closure period that seen tourists and locals banned from entering gaming establishments completely.
The news comes just hours after officials in China reported that there had been no new cases of coronavirus in Wuhan or Hubei province and that ‘results over the past 24 hours showed 34 new cases, all detected in people arriving from abroad’.