The December figures from Macau’s Gaming Inspection and Coordination Bureau show a significant change in gross gaming revenue (GGR). Monthly GGR fell year over year for the first time in two years, indicating a shift in the course of the region’s recovery. However, the numbers were different and better in November.
December Figures and Annual Performance
In December 2024, Macau’s GGR stood at MOP 18.2 billion ($2.33 billion), marking a 2% drop compared to December 2023, which saw MOP 18.6 billion. Despite this decline, the overall GGR for 2024 reached MOP 226.8 billion, reflecting a robust 24% increase from the previous year.
Macau’s strongest growth occurred in the first quarter of 2024. January, February, and March each recorded over 50% year-on-year increases in gross monthly revenue. However, growth tapered off during the remainder of the year, with an average 16% annual increase in GGR from April through December.
As the casino industry in Macau gets closer to pre-COVID norms, the slowing revenue growth is to be expected. Macau has yet to return to the monthly GGR of MOP 23 billion, which it continuously maintained in 2019.
When GGR hit MOP 20.2 billion in May 2024, the area came the closest to reaching this milestone. Although this indicates improvement, the disparity highlights the difficulties Macau still has in reaching its pre-pandemic level of performance.
This December decline demonstrates how growth naturally stabilized following the initial post-pandemic spike, paving the way for a more gradual rebound in the gaming hotspot.
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