Macau casino revenue rises 14.9% in November, approaching pre-pandemic levels

Macau’s gaming sector saw a robust recovery in November as gross gaming revenues (GGR) surged 14.9% year-on-year to MOP18.44 billion ($2.3 billion), driven by relaxed travel policies and increasing visitor arrivals. The latest figures from the Gaming Inspection and Coordination Bureau bring the 2024 year-to-date total to MOP208.58 billion, just MOP1.42 billion shy of the government’s annual forecast.  

The November results underscore a strong comeback, with GGR now at 80.4% of pre-pandemic levels. However, the month's revenue was 11.5% lower than October, traditionally uplifted by the "Golden Week" holiday, which saw 3.1 million visitors, equivalent to 98% of pre-COVID figures.  

Officials project the final GGR for 2024 to reach approximately MOP227 billion, maintaining historical December performance patterns. Secretary for Economy and Finance Lei Wai Nong has set a 2025 GGR target of MOP240 billion, drawing mixed reactions from lawmakers.  

Some lawmakers considered the amount “very conservative,” while others worried the government could be overestimating receipts and underestimating regional competition and other external factors. Analysts at Citigroup offered a more optimistic view, predicting GGR could reach MOP243 billion in 2025, citing the government's history of conservative estimates.  
 
Macau’s recovery continues to benefit from policy adjustments, including new visa rules for neighboring Zhuhai residents that allow weekly visits. Analysts expect further growth in December, with gaming revenues potentially reaching 86% of 2019 levels, marking the smallest gap from pre-pandemic highs.  

Despite positive trends, challenges loom for the gambling hub. Weak spending by Chinese visitors amid an economic slowdown, tighter money exchange regulations, and Beijing’s push to diversify Macau’s economy beyond casinos could hinder long-term growth.   

Macau's casino operators reflected mixed fortunes in November, with the Macau Casino Operators Index down 2.4%, while the broader Hang Seng Index fell 4.4% during the same period.