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In September 2024, Macau’s casino landscape presented a complex picture, marked by a significant monthly decrease and an annual increase in gross gaming revenue (GGR). The figures, sourced from the local Gaming Inspection and Coordination Bureau (DICJ), showed a GGR of MOP 17.25 billion (approximately US$2.15 billion), which was 12.7% lower than August’s MOP 19.8 billion (US$2.47 billion). This marked the lowest GGR recorded in 2024 so far.
Macau’s casino revenue faces mixed fortunes in September 2024:
Despite this monthly downturn, the year-on-year data paints a more optimistic scenario, with a 15.5% increase from the MOP 14.94 billion recorded in September 2023. This performance reflects 78.3% of the GGR levels seen in September 2019, a pre-pandemic benchmark where revenues were as high as MOP 22.1 billion (US$2.76 billion).
Several factors contributed to September’s GGR decline. Analysts pointed to the month being part of a “shoulder season” between the summer holidays and the bustling October Golden Week. Additionally, external pressures such as adverse weather events, regulatory crackdowns on illegal money exchanges in China, and a decrease in the number of weekend days compared to August, further impacted the revenues.
The combined GGR for the first nine months of 2024 reached MOP 169.36 billion (US$21.1 billion), showing a substantial 31.3% increase over the same period in the previous year. This growth underscores a robust recovery trajectory, despite short-term fluctuations.
In a detailed observation, Citigroup highlighted an interesting trend in Macau’s gaming floors. Their September survey noted a notable increase in high-stakes gamblers, or ‘whales’, who bet HKD 100,000 or more. The number and betting volume of these players this year have already surpassed the figures for the entire year of 2023.
Tourism prospects brighten with Golden Week:
As Macau navigated through these economic dynamics, the city also kicked off its National Day Golden Week, which began unofficially with 96,671 visitors on Monday, September 29. This figure, reported by the Public Security Police Force via Inside Asian Gaming, set a positive tone for the week, anticipated to attract even larger crowds.
Maria Helena de Senna Fernandes, the director of the Macao Government Tourism Office (MGTO), expressed conservative yet hopeful expectations for an average daily visitor count of 100,000 during the Golden Week. This forecast is set against the backdrop of last year’s Golden Week, which saw a total of 931,000 visitors, with daily averages of around 116,000.
Macau’s hotel sector is optimistic about reaching new post-pandemic heights in terms of occupancy rates and visitor numbers during this festive period, potentially setting a new benchmark for tourism and economic recovery in the region.
