Macau’s October GGR Rises 6.6%, Yearly Total Hits MOP 190.1 Billion

Macau’s gaming industry achieved a moderate increase in gross gaming revenue (GGR) in October 2024, reaching MOP 20.8 billion ($2.6 billion), as reported by the Gaming Inspection and Coordination Bureau (DICJ).

This 6.6% rise over October 2023 represents the highest monthly GGR this year, surpassing the previous high of MOP 20.2 billion in May. Analysts attribute this growth to the seasonal uptick from China’s National Golden Week celebrations.

The seven-day Golden Week holiday, commemorating China’s National Day, drove a significant surge in tourism to Macau. The Macao Government Tourism Office (MGTO) reported that visitor arrivals from mainland China peaked at more than 163,000 on the third day of the holiday, with the increased footfall contributing to casino spending and supporting revenue growth.

Year-to-Date and Month-on-Month Performance

Compared to the previous month, October’s GGR rose by 20.4%, up from MOP 17.3 billion in September 2024. For the first ten months of the year, Macau’s cumulative GGR reached MOP 190.1 billion, marking a substantial 28.1% increase over the same period in 2023.

Nonetheless, this figure remains about 23% below the MOP 246.9 billion recorded between January and October 2019.

This upward trend throughout 2024 underscores the gradual recovery of Macau’s gaming sector following the removal of pandemic-related restrictions. However, the full return to pre-pandemic figures may take additional time, as economic uncertainties and regulatory adjustments persist.

Regulatory Changes and Industry Impact

The October revenue growth occurs as Macau’s gaming industry adapts to a stricter regulatory framework. In early October, Macau’s Legislative Assembly passed a bill criminalizing unauthorized currency exchanges within casino premises as part of its anti-money laundering initiatives. This legislative shift reinforces Macau’s dedication to heightened regulatory oversight in a market where VIP gamblers and visitors from mainland China are crucial.

In parallel, Macau’s Chief Executive, Sam Hou Fai, has emphasized the need for economic diversification. Formerly a senior judicial official, Hou Fai assumed office in 2024 and has previously expressed concern about Macau’s heavy dependence on the gaming sector, calling a sole reliance on gambling “unsustainable” for the region’s future. Observers speculate that his leadership may bring further regulatory reforms aimed at diversifying Macau’s economic landscape.

Tourism and Entertainment Boost October Revenue

In addition to the Golden Week holiday, other entertainment events, like the MGM China-hosted Macau Oktoberfest, helped attract visitors through late October. Tourism also continues to show signs of strong recovery, with Macau welcoming approximately 2.5 million visitors in September, reaching 91% of pre-pandemic levels. The tourism office anticipates around 33 million visitors by year-end, reflecting a projected 17% increase over 2023.

Industry Outlook and Adaptation to Changing Markets

Amid these developments, Macau’s casino operators are adjusting to evolving market demands and regulatory challenges by diversifying their services beyond gaming. For instance, MGM China recently reported a 14.4% revenue increase in Q3 2024 compared to the previous year. As Macau’s gaming industry charts a course for sustained recovery, analysts anticipate a complex path forward, with ongoing tourism growth and regulatory reform shaping its trajectory under the new administration.

Ultimately, while recent improvements point to encouraging momentum, Macau’s long-term outlook will hinge on achieving a balanced mix of gaming revenues and non-gaming ventures in alignment with new regulatory standards. 

By fLEXI tEAM