Government expects fiscal surplus this year

Source: Government Information Bureau

The Government expected casino gross gaming revenue in 2016 would be around 200 billion patacas, a 13.4 percent decline compared to the 230.84 billion patacas recorded in 2015.

The decline in gaming revenue for the first five months of 2016 had narrowed in year-on-year teams and was within the Government's expectations for 2016, said the Secretary.

Thhe aggregate contraction in such revenue in the first quarter was 13.3 percent judged year-on-year. In the four months to the end of April and in the five months to the end of may respectively, the year-on-year decline had narrowed, to 12.4 percent and 11.9 percent.

The Secretary made the comments to reporters after the opening ceremony of the Fourth Annual Conference of World Cultural Forum (Taihu, China), held in Macao.

Mr. Leong noted that gaming revenue for June was typically lower - judged month-on-month - thank that recorded in May.

The Secretary also commented on recent cases of irregular fundraising activities by unlicensed parties.  Such instances would not affect the stability of Macao's financial system: most of the loans by official lenders were secrued debt.

The Government had been liasing closely with the financial sector regarding the latest developments in the city's economy.  Mr. Leong said that any loan of money required a cautious evaluation of risk, especially during the adjustment period undergone by the city's gaming industry, when the value of assests - such as property - had the potential to fall.

Regarding penalties for unlicensed fundraising activities, the Secretary said the community needed to recognise the need for balance in the legal system in relation to what degree - if any - public harm was likely to occur.  The Secretary noted that the Government was paying close attention to puclic opinion regarding the issue of unlicensed fundraising.