Macau’s gaming industry witnessed gross gaming revenues (GGR) of MOP$14.94 billion (US$1.85 billion) in September, reflecting a 13.2% decrease compared to the previous month. This decline was attributed to seasonality and the adverse effects of weather events earlier in the month.
Strong Year-on-Year Recovery
However, when compared to the same month in the previous year, the September GGR surged by an impressive 404%. This robust growth signifies Macau’s ongoing recovery from the multi-year decline caused by the pandemic.
Solid Growth for the Year
For the cumulative first nine months of 2023, Macau’s GGR stands at MOP$128.95 billion (US$16.0 billion), showcasing a remarkable 305% increase year-on-year. The figures highlight a recovery to 58.6% of the MOP$220.30 billion (US$27.3 billion) reported during the same period in 2019, signaling a steady rebound.
Factors Influencing September’s Performance
Investment bank JP Morgan had anticipated a challenging month for Macau’s gaming revenues in September due to the impact of Super Typhoon Saola on 1 September. The typhoon forced the closure of Macau’s casinos and temporary shutdowns of most border entry points. Additionally, heavy rainfall in the subsequent week affected visitation numbers.
Positive Outlook for October
Looking ahead, analysts are optimistic about October, expecting it to be the most profitable month of the year. Q4 visitation and revenues are anticipated to receive a boost from an unprecedented lineup of entertainment events, according to insights from Citi.