Macau's gambling revenue reached 18.4 billion patacas (US$2.3 billion) in November 2024, achieving 80.4% of its pre-pandemic level from November 2019. This marks a 14.9% year-over-year increase, surpassing analyst expectations of 13% growth.

The November performance follows October's impressive $2.6 billion revenue, which was the highest since January 2020. While November showed an expected 11.5% month-to-month decrease due to fewer mainland holidays, the addition of an extra weekend day helped boost overall performance.

Year-to-date gambling revenue stands at $26 billion, representing a 26.8% increase from 2023 and reaching 77% of 2019's pre-pandemic levels. Analysts project December revenue to reach approximately $2.45 billion, or 86% of December 2019 levels.

Significant changes are coming to Macau's gaming landscape. Incoming chief executive Sam Hou Fai, who takes office December 20, plans to reduce the region's dependency on casino taxes by encouraging non-gaming investments. This aligns with Beijing's directive to diversify the economy.

Recent policy changes support industry growth:

• China continues providing economic stimulus payments to residents
• Starting January 2024, Hengqin residents can travel freely to Macau
• Zhuhai residents will be permitted weekly visits
• These immigration changes aim to boost South China and Pearl River Delta economies

The VIP junket sector has significantly diminished following China's crackdown, exemplified by the 18-year imprisonment of former Suncity leader Alvin Chau. However, mass-market gaming continues to drive recovery as Macau adapts to its new operating environment.

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