The mass table market in Macau has been steadily growing since the relaunch of casino operations in January 2023. In Q4 2023, the mass table market accounted for 75.2% of total table revenue, marking a significant increase from the 74.4% share in the previous quarter. This surge in the mass gaming table share represents a 22.5% increase from the pre-pandemic share of 52.7% in Q4 2019, signaling a notable shift in Macau’s gambling market trends.
According to the Gaming Inspection and Coordination Bureau (DICJ), the Q4 2023 result included mass market baccarat revenue of US$4.15 billion, which represented 61.8% of the total revenues of US$6.74 billion generated by Macau’s gaming operators for the quarter. This percentage of baccarat revenue also saw an increase from the 58.9% share in Q3 2023.
In contrast, the VIP baccarat segment revenues of US$1.57 billion accounted for 23.4% of the total revenues generated across Macau’s operators in Q4 2023. This represented a slight decline from the Q3 2023 share and a more than 20% lower level than the share in Q4 2019.
Deutsche Bank analyst Carlo Santarelli noted that the total Q4 2023 mass gaming table and slot revenues were 4% higher than the same period in 2019. Additionally, the 75.2% market share reached in Q4 2023 was 11.8% higher than the previous quarter. While the VIP market gross gaming revenues were 7.9% higher than in Q3 2023, they were still 60.7% lower than the share in Q4 2019.
Santarelli also highlighted that the mass gaming market witnessed a 4% higher revenue level in Q4 2023 with a notably lower number of gambling facilities than in Q4 2019.
The shift in Macau’s market trends coincides with the mainland China’s efforts to prevent cross-border gambling, resulting in the termination of Macau’s junket industry and the arrests of key industry figures. The Macau government has responded to these developments by implementing amendments to its junket laws, including restrictions on the operations of VIP rooms and revenue share agreements with operators.
As a result, concessionaires are increasingly turning to the premium mass segment, which offers considerably higher margins than the VIP junket model. These market share figures demonstrate the shift away from the traditional junket model towards a direct VIP gambling option. This evolution in Macau’s gambling market suggests a transformative period for the industry.