The May total surpassed the previous post-pandemic high in Macau of MOP19.50bn. This was first hit in October of 2023 and equalled in March this year.
Revenue was also 8.8% ahead of MOP18.55bn in April this year and 29.7% higher than MOP15.57bn in May last year.
May also marks the first time Macau has surpassed MOP20.00bn since the early days of the pandemic in January 2020. Prior to the outbreak of Covid-19, monthly revenue in Macau would regularly, and comfortably, exceed the MOP20.00bn figure.
Measures and restrictions related to Covid-19 impacted the region for several years throughout the pandemic. However, since these were fully removed in January of 2023, the market has seen significant recovery, with regular double-digit monthly revenue growth.
In terms of year-to-date performance in Macau, this recovery is also clear to see. For the five months to the end of May, revenue amounted to MOP96.06bn, an increase of 47.9% from last year.
Macau recovery bolsters land-based casino giants
Ongoing recovery in Macau has gone hand-in-hand with some of the leading casino brands in the region also reporting growth.
The latest operator to do so is SJM Holdings, which focuses on the Macau market. During Q1, SJM posted HK$6.90bn in revenue during the three months to 31 March, up 73.0% on last year.
Revenue from the Grand Lisboa Palace and Grand Lisboa in Macau grew by almost HK$1bn to HK$1.4bn and HK$2.0bn, respectively. Adjusted EBITDA during Q1 2024 was HK$864m, compared with just HK$31m in the prior period.
As for other heavy-hitters in the market, they reported similar revenue patterns in Q1. These include Las Vegas Sands, which saw revenue rise 39.6% to US$2.96bn in Q1. Operations in the region generated $1.81bn in revenue, an increase of 41.6% from last year.
Elsewhere, Melco Resorts & Entertainment reported a 55.2% year-on-year rise in revenue to $1.11bn. Melco said each of its Macau properties saw growth, with City of Dreams venue in Macau the most successful on $550.9m in revenue.
Meanwhile, MGM Resorts International posted record quarterly revenue in China during Q1. Group revenue climbed 13.2% to an all-time high of $4.83bn, with $1.06bn of this total coming from MGM China.
In addition, Wynn Resorts posted a 30.8% rise in Q1 revenue to $1.86bn, driven by growth in Macau. Operations in the region generated $998.6m in total revenue, or 53.6% of total Q1 revenue.
Wynn’s revenue was also higher across Las Vegas and Boston but did not see anywhere near the growth levels of Macau.
Original article: https://igamingbusiness.com/finance/macau-gambling-revenue-post-pandemic-record-in-may/
