Macau achieves new post-Covid gaming revenue record in October at $2.4 billion

2023-11-01

Macau

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Macau’s casino industry saw gross gaming revenue hit MOP19.5 billion ($2.42 billion) in October, setting a new post-Covid record as it reached over 73% of the revenue levels seen in 2019.

According to the Gaming Inspection and Coordination Bureau, the October results have had a positive impact on the overall gaming revenue for the year 2023, bringing it to approximately MOP148.45 billion ($18.43 billion), or about 60% compared to 2019.

Macau Special Administrative Region Chief Executive Ho Iat Seng had set an ambitious estimate for the gambling hub in August, stating that Macau had the potential to achieve between MOP170 billion and MOP180 billion ($21.1- $22.35 billion) in gaming revenue by the year's end. The October figures mark a significant step toward this goal.

It is worth noting that the October record surpasses the previous post-pandemic high set in August, which stood at MOP17.2 billion ($2.13 billion). This achievement can be attributed in large part to October's Golden Week holiday. This year, the festive period extended to eight days, encompassing the Mid-Autumn Festival.

The positive trend in visitor arrivals during this period was also notable, with the Macau Government Tourism Office recording as many as 932,365 visitors between September 29 and October 6. The figure is also a positive development when compared to the lower visitation numbers seen in September.

Macau's monthly visitor numbers experienced a notable drop that month, a 28.6% decline compared to August, despite a remarkable 310% year-on-year surge, as reported by the Statistics and Census Service (DSEC). In total, 2,301,056 visitors entered the gambling hub in September.

The month-on-month decline in visitor numbers was attributed to severe weather conditions, including the impact of Super Typhoon Saola, which led to a nine-hour closure of Macau's casinos on September 1. Consequently, gross gaming revenues also saw a dip of 13.2% to MOP$14.94 billion (US$1.85 billion) in September.