ECONOMIC OUTLOOK

Macau’s GDP stood at MOP128 billion in the first three quarters of 2022, a drop of almost 28% YoY. Gaming revenue continued to struggle after the collapse of the junket business and was further weighted down by the uncertain outlook for the industry. Such uncertainties faded after the completion of the gambling license bid, where all six existing license owners were granted 10-year concessions starting from 2023. 

Simultaneously, several satellite casinos have reached agreements with the gaming license holders, extending their operation period for another three years. With more secure prospects in sight, satellite casinos have retained their staff headcounts, stabilising the city’s employment rate. As a result, the unemployment rate dropped to  4.7% in November, down from a peak of 5.5% in August 2022.