Macau’s gaming industry saw an impressive revenue boost in October, setting a post-COVID high. According to the Gaming Inspection and Coordination Bureau, gross gaming revenue for the month reached 20.8 billion patacas ($2.6 billion), marking a 6.6% increase year-over-year. This is the highest monthly revenue since Macau relaxed its pandemic restrictions in early 2023, showcasing a strong revival for the gaming hub.
The surge came largely from tourism during China’s Golden Week holiday in early October, when Macau welcomed over 1.1 million visitors. Daily arrivals averaged nearly 142,000, surpassing pre-pandemic levels and contributing significantly to the casino-driven economy. The month’s revenue also increased by 20% compared to September, though it remains 21% lower than in October 2019. This shows Macau’s recovery journey remains ongoing. Adding to October’s attraction, concerts featuring popular Hong Kong and Korean artists brought in even more visitors.
New Policies Target Unlicensed Exchanges
While October was successful, Macau’s gaming sector faces new regulatory challenges. In October, Macau’s legislature passed a bill criminalizing unlicensed money exchanges near casinos, aligning with China’s efforts to control capital outflow and prevent money laundering. The bill signifies China’s ongoing influence over Macau’s financial activities.
Macau’s leadership also experienced a shift, as former judge Sam Hou Fai was elected as the region’s new leader. Known for advocating diversification, Sam’s leadership could signal policies aimed at lessening Macau’s reliance on gaming revenue. This move aligns with Beijing’s focus on “common prosperity” and economic diversification, which could impact casino operators in the long term. According to consulting firm Steve Vickers and Associates (SVA), political risks may rise for foreign casino operators as regulatory oversight tightens under Sam’s tenure.
Macau’s total gross gaming revenue for 2024 so far stands at MOP190.14 billion, a 28% increase over last year. However, it still trails the MOP246.74 billion recorded in the same period in 2019, underscoring the gradual nature of Macau’s recovery. As Macau continues adjusting to new regulations and a changing economic landscape, the gaming industry remains central yet faces an evolving path forward.
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