Revenue from casinos in Macau amounted to MOP17.69bn (PS1.74bn/EUR2.04bn/$2.20bn) in June, the lowest monthly total since November of last year.
This is a 16.4% increase over the MOP15.21bn figure for June last year. This is still the slowest growth Macau has seen in 2024.
The total for June is 14.1% lower than the May MOP20.19bn. In fact, the May total was the highest monthly figure since the outbreak, even with the Labour Day Golden Week holidays, which are traditionally associated with a surge in tourism.
Analysts say that June is typically the slowest month in Macau for gaming. There was a general consensus, however, that Macau’s gaming revenue for June would increase by at least 17,5% compared to the previous year.
Covid-19 security measures had a significant impact on gaming revenues in Macau during the pandemic. Visitors were unable to enter the Special Administrative Region. Since these measures were lifted in January 2023 the market recovered quickly, with double-digit growth every month.
Macau’s total revenues for 2024 so far are MOP113.75bn. It is 41.9% higher than the MOP80.14bn at this point in 2023.
What are the performances of main players?
The leading Macau casino operators will report their results for H1 later this month. According to Q1 results, Las Vegas Sands Melco SJM Wynn and Wynn are likely to report strong growth.
Las Vegas Sands has reported an impressive first quarter. Revenues jumped 39.6%, to US$2,96bn. This total includes $1.81 billion from Macau operations, a 41.6% increase from the previous year.
SJM Holdings – which is a Macau company – saw its Q1 revenues rise 73.0%, to HK$6.90bn. Melco Resorts & Entertainment reported a 55.2% increase in revenue for the first quarter, totaling $1.11bn. Melco Macau’s properties all saw revenue growth in this period. City of Dreams was the best-performing property, having generated $550.9m.
MGM Resorts International also achieved a record-breaking $1.06bn China revenue in Q1. The group revenue also increased 13.2%, to $4.83bn.
Wynn Resorts also reported a 30,8% increase in revenue for Q1 to $1.86bn. It said that Macau’s growth was the main reason for this. The region accounted for $998.6m or 53.6%, of total revenues in Q1 for the company.
