Macau's Casinos Fetch $2.3B in April, Up 26% from 2023
Macau's casino operators generated a hefty gross gaming revenue (GGR) of MOP18.55 billion ($2.3 billion) in April 2024, denoting a remarkable 26% increase compared to the year prior. The Chinese gaming haven's six casino operators – Sands, Galaxy, MGM, Wynn, SJM and Melco – experienced a surge in gaming activity, although April saw a 5% decline when compared to March where total wins reached $2.42 billion.
Experts anticipated a dip in April's gaming revenues as it was "in line with historical seasonality," according to a Citigroup report. Despite the April decline, casino floors were still bustling with activity from the 'premium mass' segment – the intermediate gaming demographic below the VIP designation but with larger waging habits.
The $2.3 billion gathered in April corresponds to approximately 79% of the April 2019 GGR by the same six casino concessionaires.
Continued Recovery
The first quarter of 2024 has seen total GGR for the globe's wealthiest gambling market reach approximately $9.41 billion. This four-month figure is 54% higher than the previous year and represents 76% of the GGR earned during the same period in 2019.
Industry experts that monitor the Macau casino market have recently noted the first few months of the year as a sign of steadiness in the sector, offering a promising prognosis for the six gaming conglomerates. Despite increasing revenue moving towards pre-pandemic levels, administrative costs for the gaming enterprises have witnessed a staggering rise due to the non-gaming investments they promised the Macau Special Administrative Region (SAR) in return for ten-year license extensions.
The SAR issued new tenders to the casino operators at the end of 2022, asking them to invest a collective $13.5 billion in non-gaming offerings at their properties over the 10-year license term. These commitments culminated in an increase of nearly $4.5 billion, bringing the total investment to almost $18 billion.
Future Perspectives
May is anticipated to see a rise in GGR compared to the previous month as it starts with the Chinese Labor Day break, extending from today, May 1 to May 5. During this period, employees in the Pearl River Delta area could take advantage of their week-long vacation and visit Macau, one of their most popular travel destinations.
CLSA, a capital market advisory group, raised its forecast for total GGR this year by 3.5%, putting the target around $30.3 billion. Analysts attributed this development to more favorable trends in visitor numbers.
Xinhua, a Chinese news agency, reported that last year, a record 3.26 million vehicles crossed the Hong Kong-Zhuhai-Macau Bridge – around 8,900 vehicles per day on average. If this projection is realized, the Macau casino industry would return to 83% of the 2019 gaming wins, which tallied $36.5 billion.
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Source: www.casino.org
