In October 2024, Macau’s casino industry showcased remarkable resilience and growth, reaching a gross gaming revenue (GGR) of approximately MOP20.7 billion ($2.6 billion). This figure represents a significant 6.6% increase compared to the same month the previous year, and a 20.4% rise from September’s figures, underscoring a robust recovery trajectory. These statistics, provided by the Gaming Inspection and Coordination Bureau (DICJ), highlight October’s status as the most lucrative month of the year, largely fueled by the influx of tourists during the National Day Golden Week.
A record-breaking month:
The total GGR for the first ten months of 2024 stood impressively at MOP190.1 billion ($23.7 billion), marking a 28.1% increase year-over-year. Despite this strong performance, it remains 23% below the same period in 2019, before the pandemic’s impact, which underscores the ongoing recovery efforts and the potential for further growth as the industry stabilizes.
During October, particularly during the Golden Week holiday from October 1 to 7, Macau experienced a significant surge in tourism. The DICJ noted that the city welcomed 993,117 visitors, an uptick of 1.9% over 2019’s figures, with hotel occupancy rates peaking at 98.5% during the 3rd and 4th of October, as reported by Inside Asian Gaming. This period saw a record-breaking performance, setting a new post-pandemic high and signaling a positive outlook for the industry. The boost in visitor numbers during this key holiday period contributed markedly to the month’s high revenue figures, reflecting the effective alignment of Macau’s tourism and casino strategies.
Investment analysts from China International Capital Corporation (CICC) and its Hong Kong Securities Ltd branch have indicated a strong start to the fourth quarter, projecting further growth. They attribute this optimism to resilient demand and the return of premium patrons, suggesting a 4% sequential increase in GGR for the final quarter of 2024. Their analysis points to sustained interest and engagement from both casual and high-stakes gamblers, which could pave the way for record-breaking revenue figures in the upcoming months.
The company stated: “We think the outperformance in the first two weeks of October could indicate resilient demand and the return of premium patrons heading into the rest of the year.”
VIP baccarat and future projections:
Additionally, Macau’s VIP baccarat revenue, which represents a substantial portion of total GGR, stood at nearly MOP13.08 billion ($1.64 billion) for the third quarter alone. This accounts for 23.5% of the total GGR, emphasizing the high-stakes nature of the market. The consistent performance of VIP baccarat underscores the continued attraction of Macau as a premier destination for elite gamblers, which is crucial for the overall revenue stream of the city’s casino sector.
Looking ahead, Macau’s tourism authorities expect the year to close with approximately 33 million visitors, a 17% increase from 2023. This projection is supported by the Chinese government’s expansion of the Individual Visit Scheme (IVS), adding 10 more cities to the program, which is likely to further boost visitor numbers and, by extension, gaming revenues. These strategic expansions are anticipated to strengthen Macau’s position as a leading global gaming and tourism hub, capitalizing on its reputation and enhanced accessibility.
