Gambling revenue in Macau reached MOP19.50bn (1.02bn/2.25bn/$2.42bn) in March, the joint highest monthly total since before the pandemic.

Revenue was 53.1% higher thanMarch last yearand 5.4% ahead of MOP18.49 in Macau in February. The figure also equalled the post-pandemic high of MOP19.50bn that was posted inOctober 2023.

While this is good news for the region, Macaus casinos remain some way behind pre-Covid levels. Before the pandemic started, the Special Administrative Region would regularly produce monthly revenue in the mid MOP20.00bn range.

Revenue has not exceeded MOP20.00bn since January 2020, shortly before the pandemic started and restrictions were imposed.

Looking at the year to date, revenue in the first three months of 2024 reached MOP57.33bn. This is 65.5% ahead of MOP34.64bn at the same point in 2023.

It is also comfortably more than the MOP42.40bn generated inall of 2022. Full-year revenue for 2023 amounted toMOP183.1bn a 333.8% year-on-year increase.

Macau has been free of pandemic-related restrictions since January 2023 after China ended its zero-Covid policy.

This post-pandemic recovery is likely to continue in 2024. Last month, Fitch Ratings affirmed Macaus AA long-term foreign currency Issuer Default Rating (IDR), predicting the regions gaming industry torecover to nearly 80% of pre-pandemic levels in 2024.

Fitch also gave Macau a stable outlook as the regions economy continues to rebound from the pandemic.

Gross gaming revenue is forecast to be around 79.5% of 2019 levels in 2024, compared to 62.6% of pre-pandemic levels in 2023. Fitch is predicting revenue to be 7.6% higher than assumed in the budget.

Several leading Macau casino operators said the decision to remove pandemic measures helped their performances in 2023.

Among these brands isGalaxy Entertainment Group, which reported a 211.0% increase in revenue to HKD35.68bn. This, it said, was driven by the full reopening of the Macau market. Revenue at the Galaxy Macau alone rocketed 274.3% year-on-year in 2023, with gaming revenue here up 312.1%.

Elsewhere,Wynn Resortsalso said that this reopening boosted the business during 2023. Operations in Macau accounted for $3.10bn of all revenue up 329.7% year-on-year. Group revenue was 73.9% higher at $6.53bn.

Furthermore, Fitch pointed to Macaus strong rebound after the pandemic in predicting apositive financial outlook for Wynnin the longer term.

Also benefitting was MGM Resorts International, which reported a 23.7% rise in revenue to $16.20bn for 2023. MGM noted significant growth in Macau, with revenue rocketing 368.1% to $3.15bn.

Last week, MGM CEO and president Bill Hornbuckle attended the China Development Forum alongside a number of leading US executives to discuss the countrys relationship with China.

MGM Resorts International has been proud of our role in supporting US-China relations through increased bilateral travel and tourism, Hornbuckle said in aLinkedIn post. I was honoured to be part of the meeting convened by President Xi to discuss how to use these ties to strengthen the US-China relationship.

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Macau casinos equal post-pandemic revenue record in March - iGaming Business