March 26, 2024

Macau's Inflation Rate Reaches Highest Peak Since May 2020

by: The Beat Asia

Macaus Inflation Reaches Highest Peak Since May 2020

March 26, 2024

by: The Beat Asia

Macau’s inflation rate has reached its highest point since May 2020 with a year-on-year Consumer Price Index (CPI) growth of 1.46% last February, according to the Statistics and Census Service’s (DSEC) report.

The new data follows a 1.01% record from January 2024, a 0.45% increase from the previous month. DSEC attributes the increase to the high consumer prices during the Lunar New Year. During this period, Macau also welcomed over one million visitors, beating the city’s pre-pandemic records.

Among the sectors that saw growth were recreation and culture, amassing an 11.92% year-on-year growth due to rising hotel costs, among others. The food and non-alcoholic beverages sector also recorded a 1.73% increase, which is mostly attributed to eating out costs.

Clothing and footwear also rose by 4.09%, while the education sector increased by 5.05%. Meanwhile, changes in composite CPIs of transport and alcoholic beverages and tobacco dropped by -1.82% and -0.77%, respectively.

To learn more and read the full report, click here.

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January 18, 2024

Macau Jockey Club to Halt Horse Racing Operations in April

by: The Beat Asia

Macau Jockey Club to Halt Operations in April 2024

Photo by Facebook/Macau Jockey Club

January 18, 2024

by: The Beat Asia

Macau is set to bid goodbye to horse racing as the Macau Jockey Club is ceasing its operations this year starting April 1, the company announced on Monday, Jan. 15.

In the announcement, the racing and betting entertainment provider said that they have signed an agreement to terminate their concession contract with the government. With the termination, the Macau Jockey Club is only permitted to conduct horse racing until the end of March.

The announcement also cited that the company has been operating at a loss, amounting to over MOP2.5 billion. The company likewise mentioned that since the pandemic, horse racing in Macau had not seen immense growth and development, hence the closure.

In a separate statement, the Macau Special Administrative Region (SAR) government reflect that they have noticed horse racing’s decline in popularity among tourists and locals in Macau and has therefore decided to accept the company’s application for termination.

In 2018, Macau Jockey Club signed with the Macau SAR government to extend its concession for 24 years and six months, which was intended to last until Aug. 31, 2042. However, the company submitted a request to the government last year to terminate the concession contract.

Races are expected to be held until March 31, but current facilities will remain available to the club’s members temporarily until necessary arrangements are made with the members’ horses until March 31, 2025.

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December 29, 2023

Macau's Economy to Grow by 8.3% to 21% in 2024, Says University of Macau

by: The Beat Asia

Macaus Economy to Rise Up to 21 in 2024 Says UM

Photo by Facebook/University of Macau

December 29, 2023

by: The Beat Asia

Things are looking up for Macau’s economy, as the University of Macau (UM) forecasts that the former Portuguese colony will have an impressive economic growth rate come 2024.

According to a study conducted by UM’s Centre for Macau Studies and the Department of Economics, the Macanese economy is projected to grow by 8.3% to 21%, while its exports of services are expected to grow by 10.3% to 26.7%.

Meanwhile, Macau’s final revenue will maintain a value of approximately MOP95.3 billion to MOP109.6 billion.

Growth was attributed to anticipated economic activities spurred by the arrival of tourists from mainland China, barring no major public health issues will occur in the region next year.

On the price front, researchers expect inflation to rise by 2.4% to 3.3% while the consumer price index is projected to increase by 1.5%. On the other hand, Macau’s median monthly employment earnings are projected to increase by 4.9% to 5.6%.

To view the report’s highlights and key findings, go here.

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December 18, 2023

Macau Pass Expands Services to New Partner E-Wallets from Worldwide

by: The Beat Asia

Photo by Facebook/MacauPass 澳門通

December 18, 2023

by: The Beat Asia

Macau Pass S.A. has taken a significant stride towards global expansion by making its services compatible with seven Alipay+ partner e-wallets from various corners of the world.

This strategic move will enable Macau Pass to extend its reach and offer its payment and acquiring services to merchants who utilize these overseas e-wallets.

The newly added partner e-wallets encompass a diverse range of regions, including Tinaba from Italy, OCBC and Changi Pay from Singapore, MyPB by Public Bank in Malaysia, Toss Pay and NAVER Pay in South Korea, and Hipay in Mongolia. This integration ensures that Macau Pass' payment and acquiring services are seamlessly accessible to users of these e-wallets across borders.

Earlier in September, Macau Pass announced a groundbreaking cooperation agreement with Alipay+ that allowed its e-wallet, Mpay, to facilitate payments in mainland China and Hong Kong. AGTech, an Alibaba affiliate, acquired Macau Pass Holding for HK$778 million (USD$99.6 million) last year, signalling ambitions for international expansion.

As part of its ambitious expansion plans, Macau Pass aims to introduce Mpay services in additional foreign countries by the third or fourth quarter of 2023, with the goal of making services available in over 40 countries by the end of 2024.

The extensive coverage of Mpay will span countries such as the United Arab Emirates, the United Kingdom, Switzerland, various European Economic Area nations, Australia, New Zealand, Qatar, Singapore, Malaysia, South Korea, Japan, the Philippines, Thailand, and the United States of America.

In addition to its compatibility with Alipay, AlipayHK, WeChat Pay, Simple Pay, and other e-wallets offered by local banks in Macau, Mpay already supports international e-wallets like Kakao Pay in South Korea, GCash in the Philippines, Touch'n Go eWallet in Malaysia, and TrueMoney in Thailand.

For more information about Mpay, click here to visit their official website.

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November 22, 2023

MGM Shows Commitment to SMEs at ‘MGM SME Business Matching Session’

by: The Beat Asia

Photo by Facebook/MGMShare 樂善好獅

November 22, 2023

by: The Beat Asia

Back for its 11th edition, MGM China Holdings Limited continuously shows its commitment to supporting the growth of small and medium-sized enterprises (SMEs) in Macau. The "MGM SME Business Matching Session" returns in partnership with the Macao Chamber of Commerce (MCC) and the Industrial Association of Macau.

With almost 70 SMEs participating, the function showcases a wide array of industries associated with "M-Mark," Macau brands, and Made-in-Macau, as well as emerging industries of "Big Health," high and new technology, conferences and exhibitions, culture, and sports.

Other organisations and companies, including the Economic and Technological Development Bureau (DSEDT), Macao Trade and Investment Promotion Institute (IPIM), and Macau Productivity and Technology Transfer Center (CPTTM), which share the same commitment with MGM, actively supported the Business Matching Session.

MGM also signed two cooperation agreements with local SMEs, reinforcing their commitment to supporting SME purchases.

The event has likewise brought industry leaders and officials, including U Kin Cho, Vice President of the Board of Directors of MCC; Chui Yuk Lum, President of the Industrial Association of Macau; Yang Yi, Deputy Director of the Economic Affairs Department of the Liaison Office of the Central People’s Government in the Macao SAR; and other distinguished guests.

The function has paved the way to collaborate and widen the connections of SMEs in the industry and further emphasises MGM's commitment to fostering economic diversification in Macau and supporting the prosperity of the local business community.

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October 19, 2023

Macau Government Revenue Skyrockets Nearly Twofold in 2023

by: Alisa Chau

October 19, 2023

by: Alisa Chau

Macau's economy has made a remarkable comeback in 2023, as the government revenue more than doubled in the first nine months of the year.

The Special Administrative Region (SAR) Government reported the collection of MOP 57.4 billion in current revenue between January and September of 2023. This substantial increase represents a remarkable 112 per cent year-on-year growth.

The surge in revenue stands in stark contrast to the challenges Macau faced back in 2022 when its economic activity was severely impacted by COVID-19-related restrictions. The current revenue generated in the first three-quarters of 2023 accounts for a significant portion, totalling approximately 87.7 per cent, of the annual budget. This reflects a better-than-expected economic performance and recovery for the SAR.

The primary catalyst behind this notable growth has been the gaming industry, which has experienced a resurgence.

Taxes on gaming have played a pivotal role, reaching an impressive 90 per cent of the initial forecast. The total tax revenue from gaming amounted to MOP 45.7 billion, constituting a substantial 79 per cent of the overall current revenue. These statistics were revealed in the latest budget execution data provided by the Financial Services Bureau.

The gross gaming revenue for the first nine months of 2023 was equally impressive, reaching a total of MOP 128.9 billion. This sum nearly reached the projected annual revenue of MOP 130 billion set by the Government, as part of Macau's economic resurgence.

Macau's success story in 2023 underlines the region's remarkable capacity to adapt and recover, particularly within its gaming industry. The surge in government revenue is a testament to the determination and resilience of Macau's economy as it rebounds from the challenges previously posed by Covid-19 restrictions.

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October 16, 2023

Macau Proposes Minimum Wage Increase to MOP34 per Hour

by: Alisa Chau

October 16, 2023

by: Alisa Chau

In a bid to improve the living standards of workers, local authorities in Macau are set to submit amendments to the minimum wage law for review by the Legislative Assembly (AL).

The proposed changes aim to increase the current hourly minimum wage rate from MOP32 to MOP34. These adjustments, which were recently finalized by the Executive Committee, are expected to pass through the AL, which would render it effective beginning from Jan. 1, 2024.

Under these revised provisions, the minimum daily wage in Macau will increase from MOP256 to MOP272, while the minimum monthly wage will see an upward adjustment from MOP6,656 to MOP7,072.

Wong Chi Hong, the director of the Labour Affairs Bureau (DSAL), highlighted that the bill has the potential to benefit over 21,000 employees in the region.

Under the existing regulations, enforced in November 2020, the minimum wage rate mandates a review every two years. The proposed changes are seen as a significant step to improve the economic well-being of low-income workers in Macau, potentially providing a cushion against rising living costs.

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September 29, 2023

Macau Gears Up for a Thriving MICE Season with 40 Events in Late 2023

by: Rubin Verebes

September 29, 2023

by: Rubin Verebes

Macau, a hub for Meetings, Incentives, Conferences, and Exhibitions (MICE) events, is poised for a vibrant season ahead. The Macao Trade and Investment Promotion Institute (IPIM) announced last week 40 upcoming MICE events through December this year, anticipated to draw a combined total of 400,000 participants.

In the first half of 2023, Macau has already exceeded its MICE event count from the previous year. With over 490 MICE events held and more than 700,000 attendees, this marks a substantial year-on-year increase of about 50% during the same time frame.

Among the notable events held was the 10th World Economic Forum on Tourism, which attracted over 14,000 on-site attendees and more than 2.3 million online participants from 95 countries across six continents.

These upcoming 40 MICE events encompass a wide range of themes, including finance, healthcare, technology, tourism, and sports, reflecting the sector's rapid recovery since Macau's border reopening on Jan. 8.

Notable events on the horizon include the China-Portuguese-Speaking Countries Economic and Trade Expo (Macau), the 28th Macao International Trade & Investment Fair, and the Macao Franchise Expo, all slated for October. Additionally, the 2023 Global Legal & Sustainable Timber Forum is set to take place in November.

Looking ahead, IPIM predicts a substantial surge in Macau's MICE sector for the upcoming year, with expectations of hosting approximately 1,500 events. This projection represents a remarkable 50% increase compared to the current year, underlining Macau's evolving role as a MICE destination.

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September 22, 2023

Global Tourism Economy Forum in Macau Discusses the Future of Travel

by: Natsuki Arita

Global Tourism Economy Forum Discusses the Future of Travel Header

September 22, 2023

by: Natsuki Arita

The 10th Global Tourism Economy Forum – "Macao 2023 (GTEF)" officially kicked off on Sept. 21, with industry leaders, decision-makers, and scholars engaging in comprehensive discussions around the theme "Destination 2030: Unlocking the Power of Tourism for Business and Development."

The event features 14 panel sessions that examine emerging trends and opportunities in the tourism economy. A noteworthy session, in collaboration with the World Tourism Organization (UNWTO), tackled the topic "Towards Destination 2023: Investing in People, Planet, and Prosperity," discussing growth and sustainable development in the tourism industry.

President of the China Tourism Academy, Dai Bin, delivered an insightful keynote speech on "Tourism in the Next Decade: China and the World," shedding light on China’s tourism economy, its focus on domestic and niche markets, and advancements in tourism infrastructure, digital innovation, and green initiatives.

A session held with the World Travel & Tourism Council (WTTC) focused on "Leading the Way: Industry-Driven Innovation for High-Quality Development," highlighting the vital role of industry innovation in driving high-quality development.

The forum also explored the latest trends in the tourism market of Mainland China and explored the potential for tourism in the Greater Bay Area, with particular regards to Macau’s integration.

The event, which is being held in a hybrid online-offline format, has engaged over 1 million online views on its first day. With more insightful discussions to unfold, the GTEF 2023 sets the stage for an in-depth understanding of tourism’s future landscapes.

To keep up with the conference, click here.

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