In January 2024, Macau’s gaming industry continued its impressive growth, with gross gaming revenue (GGR) reaching MOP19.3 billion, which is approximately US$2.4 billion. This represents a 67% increase compared to January of the previous year. Additionally, the GGR for January 2024 is 4% higher than the previous month’s GGR of MOP18.5 billion.
The gaming industry in Macau has been on a steady upward trend, with the GGR for the entire previous year reaching MOP183.05 billion, showing a remarkable growth of 333.8% from the same period in 2022. The growth has been attributed to the resurgence of Macau following the COVID-19 pandemic and the implementation of new gaming licenses for six concessionaires.
Morgan Stanley has forecasted that gross gaming income from Macau’s mass market will exceed 120% of pre-pandemic levels by the end of 2024, driving EBITDA figures to reach the levels of 2019. This is a significant indicator of the industry’s remarkable recovery from the impact of the pandemic.
Furthermore, the mass table market in Macau has seen steady growth since the facilities restarted operations in January 2023. In Q4 of 2023, the mass table segment accounted for 75.2% of total table revenue, an increase from the previous quarter.
The January GGR in Macau has exceeded the expectations of the Macau government, with SAR’s Chief Executive projecting MOP180 billion, which is approximately US$22.4 billion. If the yearly GGR in Macau reaches or exceeds MOP180 billion, the six concessionaires will have to raise their non-gaming spending by a maximum of 20%.
Overall, the gaming industry in Macau has shown remarkable resilience and growth, with continued improvements and new records being set post-COVID. The industry has successfully adapted to the new gaming licenses and focused on the mass market, attracting additional foreign players and driving significant revenue growth.