Macau’s strong January revenue to break post-Covid record

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Macau’s strong January revenue to break post-Covid record

In January, Macau achieved a revenue of MOP19.3bn ($2.4bn), marking its second-highest figure since reopening post the Covid-19 pandemic. Only surpassed by October 2023’s revenue of MOP19.5bn, this strong start to 2024 is notable, especially with the Chinese New Year approaching.

The Gross Gaming Revenue (GGR) for January witnessed a substantial 67% increase compared to the same month in the previous year, and it also reflected a 4.1% rise from December 2023. Despite these positive indicators, Macau’s January GGR remained 14.4% below the MOP22.1bn recorded in the last January before the onset of the pandemic.

Macau’s recovery from the impacts of Covid-19 has been remarkable, as evidenced by the impressive cumulative gross income of MOP183.1bn in 2023, representing a remarkable 333.8% year-on-year increase. While this figure accounts for only 59.8% of the final pre-Covid year, the growth observed post the easing of lockdown restrictions is anticipated to persist.

The success of Macau is not only a boon for the region but also has positive implications for Las Vegas Sands, which experienced a surge in revenue to $10.4bn for the 2023 financial year. Macau played a pivotal role in this growth, with revenue skyrocketing by 303.1% to $6.6bn.

Rob Goldstein, Sands’ Chief Executive and Chairman, expressed high expectations for Macau’s future growth. Despite Covid restrictions being largely lifted in January of the previous year, Goldstein envisions the Macau market expanding to $30bn, $35bn, or even $40bn and beyond.

The flourishing state of Macau is particularly noteworthy in contrast to the challenges faced by China, which holds sovereignty over the region. China experienced a 2.5% year-on-year decrease in lottery ticket sales in November 2023, and sports lottery sales also declined by 13.3% compared to the same month the previous year.