Home NewsCasino Macau’s January revenues of MOP19.3bn almost breaks post-Covid records

Macau’s January revenues of MOP19.3bn almost breaks post-Covid records

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Macau generated MOP19.3bn (PS1.9bn/EUR2.2bn/$2.4bn) in revenue in January, its second highest figure since reopening following the Covid-19 pandemic.

Macau’s revenue of MOP19.5bn in October 2023 surpassed that of the first months of 2024. This is a good start for the year, especially with Chinese New Year around the corner.

The GGR for January was up 67% on last month, and 4.1% on December 2023.

Macau’s GGR in January fell 14,4% below the MOP22.1bn that was recorded at the end of January, before the Pandemic began.

Macau Covid’s recovery is expected to continue

Macau has responded to Covid-19’s devastating lockdown with impressive results. The cumulative gross income for 2023 is MOP183.1bn, a 3338.8% increase year-onyear. Although this is only 59.8% the last full year prior to Covid, Macau’s growth is expected continue.

Fitch Ratings changed its outlook for SJM Holdings in early January from “negative” (unfavorable) to “stable”, largely due to continued growth of Macau’s gaming and visitor revenue, which SJM heavily invested in its Grand Lisboa Palace Resort.

Las Vegas Sands will also benefit from Macau’s success, as its revenue in 2023 could reach $10.4bn. Macau’s revenue rocketed 303.1%, to $6.6bn.

Rob Goldstein, Sands’ chief executive officer and chairman, has high expectations for this region.

Goldstein stated that there is a constant speculation about the future of Macau. Goldstein asked: “Can Macau’s market reach $30bn or $35bn? Or even $40bn?” “We believe it will”

Macau’s current success is even more remarkable when you consider the struggle of China who holds Macau as its sovereign territory. The sales of lottery tickets in China decreased by 2.5% from November to the previous year, and sports lotteries were down by 13.3%.

Jockey Club is forced to close its operations

Horse racing is still a niche market in Macau, despite the gambling boom. Macau Horse Racing Company agreed to stop offering horse racing on 1 April 2024.

Macau Jockey Club, the company that operates it, signed an agreement to do so with the government of the Special Administrative Region. The agreement ended the exclusive concession granted to the Club for horse racing in Macau.

Lei Wai Ng, the secretary of economy and finance for the government, signed the contract.

The company blames its loss of MOP2.5bn cumulatively on “limited space for growth and development”, as well the “adverse effects” of pandemic.

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