said Macau’s casino industry declined in early November, but there is still hope for recovery



According to Citigroup, Macau’s casino gross gaming revenue (GGR) fell 9% in early November from the end of October to 2.8 billion patacas ($347.6 million). Affected by seasonal factors, VIP sales and GGR sales dropped by 15-17% and 11-13% respectively. According to reports, VIP demand is only 23-25%.

Despite the economic downturn, JPMorgan Chase & Co. (NYSE: ) analysts DS Kim, Mufan Shi and Selina Li remain positive about the situation, equivalent to summer vacation levels. They point out that Macau’s mass gaming revenue has not only returned to pre-COVID-19 levels, but has exceeded them. Revenue in the first five days of November was 2.8 billion patacas (US$347 million), with an average daily revenue of 560 million patacas (US$69.5 million), exceeding market expectations.

Affected by Golden Week and national holidays, total gaming revenue in October hit the highest record during the epidemic, increasing 30.6% month-on-month to 19.5 billion patacas (US$2.42 billion). An increase of 400% compared with the same period last year, the total for 10 months was 148.5 billion patacas (US$18.4 billion), an increase of 315.6% compared with last year. While VIP demand has been hovering around 23%-25%, prime bulk revenue has soared to 120% compared to pre-COVID levels.

The Macau Grand Prix weekend is expected to attract 100,000 spectators per day, which will further boost industry performance. Looking ahead, November GGR is forecast to reach 70% of 2019 levels.

The government’s 2024 budget plan projects total revenue of 210 billion patacas ($26.1 billion), reflecting optimism about the industry’s recovery. This forecast, along with recent performance, suggests that despite a dip in early November, Macau’s casino industry remains on the path to a steady recovery.

This article was created and translated with the help of artificial intelligence and reviewed by an editor. For more information, please see our terms and conditions.


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