Macau Casino Revenue Hits $28.3B in 2024, Marking Strong Post-COVID Recovery
Macau's casino industry generated MOP226.8 billion (US$28.3 billion) in gross gaming revenue (GGR) during 2024, marking a 24% increase from 2023 and continuing its post-pandemic recovery.
December 2024 saw gaming revenue of MOP18.2 billion (US$2.27 billion), showing a slight decline of 2% year-over-year and 1.3% compared to November. This was the only month in 2024 that showed a decrease from its 2023 counterpart.
Tampa skyline with bridge at sunset
The industry's transformation from VIP-focused to mass-market operations continued throughout 2024, following Chinese President Xi Jinping's regulatory overhaul. This shift came after a crackdown on junket operators, including the high-profile conviction of Suncity boss Alvin Chau.
The six casino operators - Sands, Galaxy, SJM, MGM, Melco, and Wynn - have responded by:
- Focusing on mass-market and premium mass gamblers
- Investing in non-gaming amenities
- Diversifying entertainment offerings
2024's GGR reached 77.5% of 2019's pre-pandemic levels. Morgan Stanley projects continued growth:
- 2025: Expected GGR of $30 billion
- 2026: Projected GGR of $31.2 billion
Future performance will largely depend on China's economic conditions, with Vanguard analysts noting potential challenges including:
- Prolonged housing downturn
- Supply-demand imbalances
- Global trade developments
- Overall GDP growth deceleration
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