Macau’s 2024 GGR Surpasses Estimates Despite 2% Decline in December

Macau, Asia’s gambling Mecca, showcased significant economic recovery in 2024. The special administrative region in China reported gross gaming revenue (GGR) of MOP226.78 billion (US$28.34 billion), a 23.9% increase from 2023.

The revenue growth underscores Macau’s ongoing recovery from the COVID-19 pandemic, propelled by international borders reopening in January 2023. As reported by the Gaming Inspection and Coordination Bureau (DICJ), the 2024 GGR came despite a decline in December, which recorded gaming revenues of MOP$18.2 billion (US$2.27 billion – a 2% drop compared to the same period in 2023 and 1.3% lower than November 2024.

Outpacing Predictions

Macau’s 2024 annual GGR exceeded the government’s expectations of MOP216 billion (US$26.96 billion), which is mentioned in the yearly fiscal budget. The figure represents a 77.5% recovery compared to 2019 pre-pandemic GGR levels. The region’s focus on creating an operating environment for casino concessionaires, almost free of junket commissions dependence, is highly credited for the improvement. This system emphasizes the premium segments and mass market.

December ranked the third weakest month of 2024, likely caused by Chinese President Xi Jinping’s Macau visit for the city’s new Chief Executive Sam Hou Fai’s inauguration. His presence interrupted visitation from mainland China, resulting in low gaming revenue.

A Resurgence in Tourism

Macau’s strong performance in 2024 is also attributed to higher visitor arrivals. The figure approached 35 million, surpassing the predicted 33 million. The uptick in tourism has significantly contributed to the city’s economic recovery, allowing it to kick the stagnation it has experienced in the past few years.

Morgan Stanley, the renowned investment bank, predicts “slight but steady” growth for the region’s gaming industry in the coming year. The continued attunement to post-pandemic operations and rising tourist numbers are expected to fuel the growth.

Higher Expectations for 2025

The government anticipates GGR to rise in 2025, reaching MOP240 billion (US$29.96 billion), which experts believe is within reach. Macau Economic Association President Lau Pun Lap echoed these expectations, stating, “Our association is optimistic, but prudent for the prospects of local economic growth. We believe that GDP growth could be between 6 and 7%, meaning that the government estimates are achievable.”

Speaking at the University of Macau, Institute for the Study of Commercial Gaming Director Davis Fong explained that the 2024 GGR aligned with government expectations, and the same is expected in 2025 with rising tourism: “Regarding the visitor numbers, the tendency is for continued growth, therefore I’m optimistic about the estimate for MOP240 billion in gaming revenue in 2025. There’s even a possibility to reach MOP250 billion.”