Macau Government Revenue Skyrockets Nearly Twofold in 2023

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.

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.

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.

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.