The total revenue for the finance sector in 2022 was significantly lower compared to previous years. It was less than half of the total revenue generated in 2021 and experienced a decline of 85.6% from the pre-pandemic year of 2019. This marks a new record low in the Macau casino sector since its opening 20 years ago, falling below the MOP60.44bn recorded in 2020. December’s revenue was MOP3.48bn, reflecting a YoY decrease of 56.3% and continuing a trend of declining revenue for the past 10 months. When compared to 2019, the monthly revenue total decreased by 84.8%, although it did show a 16.1% increase from the previous month of November.
Despite the low revenue figures in 2022, there is renewed hope for the future as China has announced a significant rollback of Covid-19 travel restrictions. Visitors from outside of China are no longer required to undergo quarantine, and the number of flights into China will no longer be capped. These measures, implemented in response to widespread protests against China’s strict “zero-Covid” policy, indicate a potential easing of pandemic measures in Macau in the year 2023.
The new year also brings new concessions for Macau gaming operators, with seven applicants vying for the opportunity. The incumbent operators, including Galaxy Entertainment Group, Las Vegas Sands, MGM Resorts International, Melco Resorts, SJM Resorts, and Wynn Resorts, were selected for the new concessions. Unfortunately, Genting Malaysia did not secure a concession. These new concessions will be effective from January 1, 2023, until December 31, 2032.
