In March 2024, Macau’s gross gaming revenues soared by an impressive 53.1% compared to the previous year, reaching MOP$19.50 billion (US$2.42 billion). Although slightly lower than February, which enjoyed the boost of the Chinese New Year holiday, March still demonstrated robust performance, averaging MOP$629 million (US$78.0 million) per day. However, the figures are notably below the pre-pandemic levels of March 2019, showcasing a 24.5% decline. Despite this, analysts remain optimistic, pointing to sustained demand as the primary driver behind Macau’s gaming market resilience.
Strong Year-on-Year Growth:
Macau’s gaming industry witnessed a remarkable 53.1% year-on-year growth in March 2024, reaching MOP$19.50 billion (US$2.42 billion). This notable increase highlights a significant recovery since the city’s borders reopened in January 2023, marking the second-highest monthly total during this period.
Monthly Comparison and Chinese New Year Impact:
Despite a 5.5% decrease compared to February, March maintained strong momentum, benefitting from an average daily revenue of MOP$629 million (US$78.0 million). February’s performance was bolstered by the eight-day Chinese New Year holiday period, contributing to the month’s higher revenue figures.
Yearly Disparities and Pre-Pandemic Benchmarks:
Despite the impressive growth, March 2024’s gaming revenues remain 24.5% below March 2019 levels, which totaled MOP$25.84 billion (US$3.20 billion). This discrepancy highlights the ongoing impact of the pandemic on Macau’s gaming sector, despite significant strides in recovery.
Cumulative Performance for the First Quarter:
Combining the first three months of 2024, Macau’s gross gaming revenues amounted to MOP$57.3 billion (US$7.11 billion), reflecting a remarkable 65.5% year-on-year increase. Extrapolating this data suggests a potential full-year run rate of approximately MOP$229.2 billion (US$28.4 billion), indicating sustained growth momentum.
Analysts’ Optimism and Underlying Demand:
Analysts remain bullish on Macau’s gaming market, emphasizing the underlying demand as a key factor driving the industry’s resilience. Despite challenges and year-on-year disparities, sustained demand signals a positive outlook for Macau’s gaming sector.
Despite facing year-on-year disparities and challenges stemming from the pandemic, Macau’s gaming industry continues to exhibit robust growth. March 2024’s impressive performance, coupled with strong cumulative figures for the first quarter, underscores the resilience of Macau’s gaming market. Analysts’ optimism, fueled by underlying demand, suggests a promising trajectory for the industry’s future despite ongoing uncertainties.