Anticipated Expansion of Macau Gambling Sector by 2023: Projected 333% Increase in Casino Revenues Compared to 2022 Numbers
2023 saw a booming gambling market in Macau, surpassing the previous year's sales by a massive margin in the Chinese mainland's special administrative region. The region on the southern coast saw an estimated 333% increase in gambling sales compared to 2022, with December 2023 being particularly prosperous.
Macau's Post-Pandemic Recovery
As reported by iGaming Business, the gambling companies stationed in Macau recorded a gross income of 18.6 billion MOP (approximately 2.1 billion euros) in December 2023. This figure surpassed the December 2022 earnings by 433%.
Compared to November 2023, the businesses even saw a 15.7% boost in sales, although the figures were slightly lower than those from October 2023.
Macau is gradually approaching the sales figures of pre-pandemic times. The pandemic had a significant impact, nearly wiping out sales, which posed a significant economic challenge not only for the companies but for the region as a whole.
Since the loosening of pandemic restrictions, the gambling industry in Macau has witnessed significant growth. However, it is important to note that the casinos in Macau were briefly closed last year. This makes a direct comparison between 2022 and 2023 somewhat questionable.
Uncertain Future for Macau's Gambling Industry
Despite the positive numbers, the future for Macau's gambling industry remains uncertain. As a region under Chinese sovereignty, political developments can swiftly impact business, as was evident last year during the temporary closure of casinos.
Furthermore, experts predict substantial growth opportunities in the ASEAN region, comprising several Southeast Asian countries where gambling is gaining popularity. Gambling analyst Daniel Cheng, for instance, sees significant potential in Indonesia, Thailand, or Vietnam, which could potentially slow down growth in Macau.
The sales figures for 2024 in Macau remain to be seen. The year 2023 appears to be the first since the pandemic to provide a solid basis for comparison, as the casinos were able to operate consistently without interruption.
While Macau's gambling market is thriving, with online casinos in Germany also experiencing growth, Macau's casinos cannot ignore the potential threat posed by the emerging gambling scene in countries like Indonesia, Thailand, and Vietnam in the ASEAN region. The online casinos in Germany, for example, have seen an increase in popularity.
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