Macau’s gaming revenue climbed to a new post-COVID record in October, bolstered by a surge in tourism during China’s Golden Week holiday. Gross gaming revenue reached 20.8 billion patacas ($2.6 billion), a 6.6% year-on-year increase, according to figures released Friday by the Gaming Inspection and Coordination Bureau. The October results mark the highest monthly revenue figure since major pandemic-related restrictions were lifted in early 2023.
The city experienced a surge of visitors during the Golden Week holiday, with daily tourist arrivals surpassing pre-pandemic levels. More than 1.1 million visitors traveled to Macau in early October, averaging almost 142,000 daily, largely from mainland China.
October’s revenue also represented a 20% increase from September, though it remains 21% below October 2019 levels, underscoring the gradual road to full recovery. The final week of the month saw an added boost from concerts featuring popular Hong Kong and Korean artists, drawing additional crowds to the casino hub.
However, Macau’s gaming industry faces new regulatory challenges. In October, Macau’s legislature passed a gambling crimes bill that criminalizes unlicensed money exchanges around casinos, in line with China’s efforts to curb capital outflows and money laundering activities.
Adding to the shifting landscape, former judge Sam Hou Fai was elected as Macau’s new leader in October. Known for his concerns over the gambling industry’s influence, Sam’s appointment signals a potential policy shift aimed at reducing the region’s reliance on casinos and diversifying its economy.
Amid this changing landscape, political risks are escalating for foreign gaming operators in the hub due to the increased regulatory oversight from China, a recent report by consulting firm Steve Vickers and Associates (SVA) warned. Sam’s appointment marks a shift toward tighter state control, mirroring Beijing’s push for “common prosperity” and a “dual circulation” economic strategy.
In the first 10 months of 2024, Macau’s gross gaming revenue reached MOP190.14 billion, a 28% increase from the previous year but still below the MOP246.74 billion recorded during the same period in 2019.
Original article: https://www.yogonet.com/international/noticias/2024/11/01/83865-macaus-gaming-revenue-hits-postcovid-record-at-26-billion-in-october
