Macau’s casino revenue amounted to MOP17.69 billion (£1.74 billion/€2.04 billion/$2.21 billion) in June 2024, marking the lowest monthly total since November 2023. This figure represents a 16.4% increase from MOP15.21 billion in June 2023, 14.1% lower than the MOP20.19 billion reported in May 2024.
June’s Performance Analysis
June’s revenue drop comes after May 2024 reported the highest monthly total since the pre-pandemic period, buoyed by the Labour Day Golden Week holiday, which typically drives up visitation. Despite analysts predicting a year-on-year increase of at least 17.5%, June traditionally remains the weakest month for gaming in Macau.
Due to strict travel restrictions, COVID-19 significantly impacted Macau’s gaming revenue throughout the pandemic. However, since these measures were lifted in January 2023, the market has been recovering, showing regular double-digit monthly growth.
Year-to-Date Performance
For the first half of 2024, Macau’s total casino revenue reached MOP113.75 billion, a 41.9% increase from the MOP80.14 billion recorded during the same period in 2023. However, this is still 23.9% lower than the MOP149.50 billion reported for the first half of 2019, before the pandemic.
June’s revenue was influenced by several factors and the month included only one public holiday, the Dragon Boat Festival on June 10th. Additionally, investment banks attribute the revenue decline to the Euro 2024 football matches and typical seasonal trends, which likely diverted some attention away from the casinos.
Performance of Major Casino Operators
Later this month, leading casino operators in Macau will report their first half-year results, which are expected to show robust growth based on strong Q1 performances.
- Las Vegas Sands: Reported a 39.6% increase in revenue to $2.96 billion in Q1 2024, with $1.81 billion from Macau operations, up 41.6% year-on-year.
- SJM Holdings: Exclusive to the Macau market, saw a 73.0% rise in Q1 revenue to HK$6.90 billion.
- Melco Resorts & Entertainment: Reported a 55.2% increase in Q1 revenue to $1.11 billion, with City of Dreams being the top performer at $550.9 million.
- MGM Resorts International: Recorded an all-time high in China revenue at $1.06 billion in Q1 2024, contributing to a 13.2% increase in total group revenue to $4.83 billion.
- Wynn Resorts: Posted a 30.8% rise in Q1 revenue to $1.86 billion, driven by $998.6 million from Macau operations, accounting for 53.6% of the group’s total.
Macau’s June gambling revenue highlights the ongoing challenges and volatility in the region’s gaming market despite overall growth and recovery since the lifting of COVID-19 restrictions. As major operators prepare to release their H1 results, the industry remains optimistic about continued recovery and growth in the latter half of the year.
Source:
Macau’s June GGR reaches $2.21B, down 12.4% m-o-m, agbrief.com, July 1, 2024.