Macau’s January 2024 revenue surpassed that of any other month since October 2023, indicating a strong start to the year as the Chinese New Year approaches. The Gross Gaming Revenue (GGR) for January witnessed a significant increase of 67% compared to the same month last year and a 4.1% hike compared to December 2023. However, despite these positive figures, January’s GGR still fell 14.4% behind the pre-pandemic record of MOP22.1bn.
Macau’s remarkable recovery from the Covid-19 lockdown is evident in its cumulative gross income of MOP183.1bn in 2023, marking a remarkable year-on-year increase of 333.8%. Although this represents only 59.8% of the income achieved in the last year unaffected by the pandemic, the growth experienced after lifting the lockdown restrictions is expected to continue in the future.
macau has flourished since the easing of most lockdown restrictions in january 2023
Fitch Ratings recently revised its outlook on SJM Holdings from “negative” to “stable.” This positive shift is largely attributed to the continuous growth of visitation and gaming revenue in Macau, where SJM has heavily invested in its integrated Grand Lisboa Palace Resort. The success of Macau’s gambling industry also benefits Las Vegas Sands, with its revenue for the 2023 financial year reaching $10.4bn. Macau played a significant role in this growth, contributing to a 303.1% skyrocketing revenue of $6.6bn. With Covid restrictions lifted only in January last year, Sands’ CEO and chairman, Rob Goldstein, has high expectations for the future growth of the region, envisioning revenue reaching $30bn, $35bn, or even $40bn and beyond.
Macau’s flourishing gambling industry becomes even more impressive when considering the challenges faced by China, which has sovereignty over Macau. In November 2023, lottery ticket sales in China decreased by 2.5% year-on-year, and sports lottery sales were down by 13.3% compared to the previous year.
The Macau Horse Racing Company, which operates the Macau Jockey Club, will cease offering horse racing from April 1, 2024. This decision comes as a result of the company’s cumulative loss of over MOP2.5bn, attributed to limited room for development, the adverse impact of the pandemic, and the lack of growth opportunities. This agreement was signed between the company and the government, with Lei Wai Nong, the secretary for economy and finance, signing on behalf of the government.
