In January of 2024, Macau’s gaming industry experienced significant growth with gross gaming profit (GGR) reaching MOP19.3bln, equivalent to US$2.4bln, a 77% increase from the previous year. This marked the second-highest GGR since the onset of the COVID-19 pandemic, only surpassed by October 2023, when GGR reached MOP19.5 billion.
Throughout the entirety of the previous year, Macau’s casino GGR reached MOP183.05 billion, approximately US$22.68bln, marking a substantial 333.8% increase compared to 2022. Furthermore, the gaming industry’s recovery was forecasted to continue by Morgan Stanley, with gross gaming income from the mass market projected to surpass pre-pandemic levels by the end of 2024.
The revival of Macau’s gaming industry was attributed to its emergence from the COVID-19 lockdown and the issuance of new gaming licenses to six concessionaires. These developments led operators to shift to a mass market model, aiming to attract more foreign players while reducing reliance on junkets.
Notably, the January 2024 GGR exceeded the Macau government’s expectations, with SAR’s Chief Executive projecting MOP180 billion, around US$22.4bln, which was significantly higher than the government’s initial projection.
As a result of the promising recovery in the gaming industry, Macau’s mass table market achieved a 75.2% share of the total table revenue in Q4 2023, indicating steady growth since the restart of casino operations in January 2023.
The positive performance of the industry has raised hopes for continued growth, with the potential for concessionaires to increase non-gaming spending by 20% if yearly GGR in Macau reaches or exceeds MOP180bln. However, the specifics of this requirement, if triggered, remain undisclosed by SAR’s Chief Executive.