Macau Gaming Revenue Up 24% in 2024, Recovery Slows
**The Essentials at a Glance:**
Macau recorded its first decline in gross gaming revenue (GGR) in December 2024 after two years. Compared to the previous year, revenues fell by 2%. Despite the December decline, Macau achieved strong growth of 24% for the entire year 2024 compared to 2023. However, the post-pandemic recovery shows signs of stabilization, while the 2019 levels have yet to be reached.
Development of Gaming Revenues in Macau
In December 2024, Macau’s Gaming Inspection and Coordination Bureau reported a GGR of 18.2 billion MOP (Macau Pataca), equivalent to approximately 2.33 billion USD. Compared to the 18.6 billion MOP in December 2023, this represents a 2% decline. This marks the first time in two years that such a decline has been recorded.
Despite the December drop, Macau achieved a GGR of 226.8 billion MOP for the entire year 2024. This represents a 24% increase compared to 2023. Growth was particularly strong in the first quarter of 2024, with monthly revenues rising by more than 50% year-over-year.
Slower Growth Over the Course of the Year
After a strong start to 2024, growth slowed in the following months. Between April and December, the average annual increase was 16%. This suggests that the initial post-pandemic recovery has given way to more stable but slower growth.
Looking at the figures, it is evident that Macau has not yet reached the levels of 2019. At that time, the average monthly GGR was 23 billion MOP. The highest value recorded in 2024 was in May, with 20.2 billion MOP. This discrepancy highlights the challenges Macau continues to face in returning to pre-crisis levels.
Stabilization Phase After the Pandemic
The decline in December 2024 could be seen as a sign of natural stabilization following the initial recovery phase. While the first months after the pandemic were characterized by rapid growth, the industry now appears to be entering a phase of more moderate growth.
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The figures illustrate that Macau, despite its progress, has not yet fully regained its former strength. The path to recovery remains challenging, particularly in light of competition from other gaming markets and the changing global economic landscape.
Our Assessment
Macau’s gaming industry made significant progress in 2024, even though the December decline is a setback. The long-term outlook remains positive as the industry continues to focus on returning to pre-crisis levels. The stabilization of growth suggests that Macau is on a sustainable recovery path.
**Sources:**
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