Macao Generated 57.33 Billion Patacas in Gross Gaming Revenue for the 1Q of the year

April 17, 2024 | Reveue

MACAO, SAR (April 16, 2024) — Macao generated 57.33 billion patacas (US$7.1 billion) in gross gaming revenue (GGR) for the first quarter of the year, the Gaming Inspection and Coordination Bureau says.

The figure greatly exceeds the 38.94 billion patacas (US$4.8 billion) recorded during the same period in pre-pandemic 2019.

Of this year’s first quarter revenue, mass market baccarat was responsible for nearly 34.6 billion patacas (US$4.2 billion) – just over 60 percent of market share, or a 68.7 percent rise from a year earlier. Meanwhile, VIP baccarat generated a sum of just under 14.38 billion patacas (US$1.78 billion).

Slot machines were the third biggest revenue generator, posting 3.2 billion patacas (US$395 million) in gross revenue.|

Earlier this month, capital markets group CLSA increased its forecast for Macao’s 2024 GGR by 3.5 percent to US$30.3 billion – a year-on-year jump of 34 percent – basing the forecast on the city’s strong tourism recovery.

CLSA’s estimate is almost double the government’s 18 percent growth prediction and slightly more than Morgan Stanley’s, which puts the increase at 28 percent.

SOURCE: Macao News.

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