When President Xi Jinping visited Macau in December, it was a momentous occasion. It marked the 25th anniversary of Macau’s transition from Portuguese to Chinese rule and was his first visit to the casino hotspot since 2019.
Xi presided at the installation of Sam Hou Fai as Macau’s new chief executive during his three-day visit, which took place from December 18 to 20. Ho Iat-Seng was succeeded by Sam, a former appeals court judge, indicating that the city’s changing leadership would continue.
Gaming Revenue Falls Short During Tightened Security
Macau’s gross gaming revenue (GGR) for December reached MOP18.2 billion, according to the Gaming Inspection and Coordination Bureau (DICJ). This figure fell 2% below analysts’ median projections and was 20% lower than December 2019, when GGR hit MOP292.5 billion.
Industry experts linked the decline to heightened security measures during Xi’s visit. The presence of mainland high rollers, often associated with Beijing’s anti-corruption campaign, appeared subdued. December became the only month in 2024 to miss revenue expectations.
For the year, however, GGR climbed 23.9% from 2023 to MOP226.8 billion, reflecting a slow but steady recovery in the sector.
Xi called for Macau to “promote appropriate economic diversification” and reduce its reliance on gaming. He emphasized developing “internationally competitive new sectors” to drive sustainable growth.
Echoing this vision, Sam Hou Fai vowed to uphold the “1+4” economic strategy initiated under Ho Iat-Seng. This approach supports Macau’s leisure and tourism base by fostering four emerging industries: medicine, technology, finance, and MICE (meetings, incentives, conferences, and events).
The city’s six major casino operators are also required to contribute MOP130 billion toward non-gaming investments by 2032. These projects include cultural landmarks, theme parks, and large-scale entertainment venues aimed at diversifying Macau’s economic landscape.
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