Gambling revenue in Macau reached MOP19.50bn (1.02bn\/2.25bn\/$2.42bn) in March, the joint highest monthly total since before the pandemic.<\/p>\n
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. <\/p>\n
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. <\/p>\n
Revenue has not exceeded MOP20.00bn since January 2020, shortly before the pandemic started and restrictions were imposed. <\/p>\n
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. <\/p>\n
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. <\/p>\n
Macau has been free of pandemic-related restrictions since January 2023 after China ended its zero-Covid policy. <\/p>\n
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. <\/p>\n
Fitch also gave Macau a stable outlook as the regions economy continues to rebound from the pandemic. <\/p>\n
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. <\/p>\n
Several leading Macau casino operators said the decision to remove pandemic measures helped their performances in 2023. <\/p>\n
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%. <\/p>\n
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. <\/p>\n
Furthermore, Fitch pointed to Macaus strong rebound after the pandemic in predicting apositive financial outlook for Wynnin the longer term. <\/p>\n
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. <\/p>\n
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. <\/p>\n
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. <\/p>\n
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Macau casinos equal post-pandemic revenue record in March - iGaming Business<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Gambling revenue in Macau reached MOP19.50bn (1.02bn\/2.25bn\/$2.42bn) in March, the joint highest monthly total since before the pandemic. Continue reading