Macau Smashes Previous Income Record in January 2024 Despite Covid Aftermath

In January 2024, Macau’s gaming industry saw a significant increase in gross gaming profit (GGR), reaching MOP19.3bln, approximately US$2.4bln. This represents a 77% growth from the same period in 2019, prior to the global outbreak of the COVID-19 pandemic. The Gaming Inspection and Coordination Bureau (DICJ) stated that this growth was 67% compared to January of the previous year. Additionally, it marks a 4% increase from the previous month’s GGR of MOP18.5bln, approximately US$2.3bln. However, October of the previous year surpassed January’s results, reaching MOP19.5 billion, roughly US$2.4bln.

Throughout the previous year, Macau’s casino GGR totaled MOP183.05 billion, approximately US$22.68bln, reflecting a growth of 333.8% from the same period in 2022. Morgan Stanley forecasts that gross gaming income from Macau’s mass market will exceed 120% of pre-pandemic levels by the end of this year, potentially driving EBITDA figures to the levels of 2019.

Furthermore, the past year represented a renewal for Macau after emerging from the effects of COVID-19, leading to the issuance of fresh gaming licenses for 6 concessionaires. As a result, operators have pivoted to a mass market model, aiming to attract more foreign players while avoiding junkets. This has led to the growth of non-gaming spending by up to 20%. Macau’s Chief Executive projected a GGR of MOP180 billion, approximately US$22.4bln, surpassing the government’s former projection by MOP50bln, around $6.22bln.

In other news, Macau’s mass table market accounted for 75.2% of total table revenue in Q4 2023, reflecting steady growth since the city’s casino facilities resumed operations in January 2023. The figure rose from a share of 74.4% in the previous quarter. The gaming industry’s continued growth indicates a promising outlook for Macau’s economy and the gaming sector in the coming year.