The Gaming Inspection and Coordination Bureau has verified that Macao’s gross gaming revenue in July was 18.615 billion patacas, while the accumulated gross gaming revenue during the period from January to July was 140.259 billion patacas. The Secretary for Economy and Finance, Mr Leong Vai Tac, said that since the average monthly gross gaming revenue is still above the level of 20 billion patacas, as estimated by the Revised Financial Budget for the Fiscal Year 2015, there is no need to implement austerity measures for public expenditure. In view of the gaming industry still facing uncertainty in the second half of the year, the Government will persist with its policy of financial prudence, by adopting some cost cutting measures. Meanwhile, the Government will also maintain vigilance regarding the trend in Macao’s gross gaming revenue, and will immediately implement austerity measures should the gross gaming revenue fall below the above-mentioned figure. The Government again stressed that any austerity measures would not affect the welfare and livelihood expenditure that has already been announced, including this year’s Wealth Partaking Scheme and the Investment and Development Expenditure Scheme (PIDDA). The Chief Executive, Mr Chui Sai On, earlier mentioned that the MSAR's financial status remains solid, and its well-established fiscal reserve system is strong enough to withstand emergencies and economic fluctuations. According to the Revised Financial Budget for the Fiscal Year 2015 submitted by the Government, which passed its first reading by the Legislative Assembly in March, if the average monthly gross gaming revenue of 2015 reaches 20 billion patacas, the estimated surplus for the year would be 18.8 billion patacas. Macao’s gaming industry is currently facing uncertainties. The Government will closely monitor all gaming operators, including the operations of VIP rooms, and promptly react to emergencies, giving priority to safeguarding local residents’ employment rights. Meanwhile, the Government is pleased to witness the healthy development of non-gaming industries, such as tourism, conventions and exhibitions, regional economic and trade, and young entrepreneurship, which are full of vitality. The Government will render full support to them, to promote adequate economic diversification in Macao.
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