Macau’s total revenue for January reached MOP19.3 billion, making it the second highest figure since the reopening after the Covid-19 pandemic. Only October 2023 surpassed this figure with MOP19.5 billion. The strong start to the year comes just before the Chinese New Year.
Compared to January of the previous year, January 2024’s Gross Gaming Revenue (GGR) showed a significant increase of 67%. It also experienced a 4.1% increase from the revenue in December 2023. However, despite these positive results, January’s GGR was still 14.4% lower than the MOP22.1 billion recorded in January before the pandemic.
Macau’s response to the Covid-19 lockdown has been impressive, with a 333.8% year-on-year increase in the cumulative gross income for 2023, amounting to MOP183.1 billion. Although this is still below the figures from before the pandemic, the growth seen since the easing of lockdown restrictions is expected to continue.
In early January, Fitch Ratings revised the outlook on SJM Holdings from “negative” to “stable” due to the continued growth in visitation and gaming revenue. Macau’s success is also expected to benefit Las Vegas Sands, whose revenue increased to $10.4 billion for the 2023 financial year, with Macau playing a significant role in this growth.
Despite the economic struggles in China, Macau’s gambling industry is flourishing. However, the same success has not been seen in horse racing. The Macau Horse Racing Company, which operates the Macau Jockey Club, has agreed to cease offering horse racing from April 1, 2024. The company cited a cumulative loss of over MOP2.5 billion and limited room for development and growth as reasons for this decision.
The agreement to cease operations was signed by Lei Wai Nong, secretary for economy and finance, on behalf of the government. Despite the challenges faced by certain sectors, Macau’s overall economic recovery from the pandemic is expected to continue, with a positive outlook for the future.