Published on: December 2, 2024, 09:38h.
Last updated on: December 2, 2024, 09:38h.
Macau gaming revenue in November reached 18.4 billion patacas (US$2.3 billion), 80.4% of pre-pandemic levels in November 2019 when the six casino operators won $2.86 billion from gamblers.
The world’s largest gaming market continues to approach pre-pandemic revenue levels, with a 14.9% year-over-year increase in November, surpassing analyst expectations of a 13% improvement.
Following October’s $2.6 billion revenue, the highest since January 2020, November experienced an 11.5% monthly decrease, which was anticipated due to lower holiday traffic.
November Wins
The Macau Grand Prix in November did not significantly benefit the casinos, as the Formula Three race attracts fewer high-value customers compared to Formula One races in Las Vegas. Nonetheless, with an additional weekend day compared to the previous year, Macau casinos exceeded forecasts.
Market observers noted strong guest traffic in the resorts, with official visitation counts expected later this month.
Revenue for 2024 represents a 26.8% increase from 2023, reaching $26 billion year-to-date and 77% of 2019 revenue. Analysts predict December revenue to be approximately $2.45 billion, 86% of December 2019 levels.
Evolving Landscape
In response to the pandemic, Macau aims to reduce dependency on casino taxes, with incoming chief executive Sam Hou Fai advocating for diversifying the economy through nongaming investments.
Recent developments include China’s stimulus payments to residents and relaxed travel restrictions between Hengqin and Macau, aimed at boosting regional economies.