Macau 2024 Gross Gaming Revenue Likely to Hit US$28.7 bln: Seaport

MACAU, SAR (June 26, 2024) — Macau’s gross gaming revenue (GGR) is expected to grow to US$28.7 billion (MOP231 billion) in 2024, up 26 per cent year-on-year.

The first five months of the year already saw about MOP96 billion in GGR received, up nearly 48 per cent compared to the previous year.

The ‘Macau News Agency‘ reported Chief Executive Ho Iat Seng has previously maintained an annual target of MOP216 billion, with a monthly amount of MOP18 billion needed to maintain the current stable trend.

According to Seaport Research Partners’ latest forecast, non-gaming revenues will have reached US$4.9 billion by then, up 17.7 per cent year-on-year.

These two figures, as analyst Vitaly Umansky points out, will continue to rise to US$31.8 billion and US$5.3 billion respectively by 2025.

The forecast for a stronger recovery is based on first-quarter performance, which, according to the analyst, reached 75.5 per cent of the corresponding level in 2019.

Despite an expected slowdown in June, this won’t stop the ongoing recovery from continuing, with the April-June period expected to see a 77 per cent recovery.

Looking ahead, the researcher has forecast flat growth for the third quarter of the year, largely due to a potentially weak September.

It won’t be until the third quarter that casino revenue will recover to 80 per cent, the analyst said.

“Macau remains a long-term secular growth story (while there may be some periods of cyclicality, as evident in many other consumer discretionary industries),” the analyst wrote.

“We do not see a slowdown and change in propensity to gamble by the core Macau customer base and Macau remains the funnel for servicing gaming demand in Greater China.”

SOURCE: Macau News Agency (MNA).