Macau April GGR Reaches $12.5 Billion, Slightly Down from March

Macau's gaming industry experienced a slight downturn in April, with a 5% decrease in daily gross gaming revenue (GGR) compared to March, according to an update by JP Morgan analysts. However, the total GGR for the first 21 days of April stood at MOP$12.5 billion (US$1.54 billion), with a daily average of MOP$595 million (US$73.66 million), a sign that the city's casinos remain strong.

The first-floor gaming area of the Grand Lisboa casino in Macau. (Source: Grand Lisboa)

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The analysts, DS Kim, Mufan Shi and Selina Li, explained in their update that the decline aligns with the typical seasonal fluctuations observed in the gaming sector. Despite this, the industry's performance remains robust, especially when considering the overall recovery trajectory post-COVID-19.

Related: Macau's Revenue Sees Major Growth in March 2024

Mass GGR continues to perform well, tracking at around 110% of pre-pandemic levels, while VIP GGR is recovering at a moderate pace in the mid-20% range. The first quarter of the year saw a significant uptick in VIP baccarat revenue, which is a positive indicator for the industry's improving health.

Moreover, Macau's gaming tax revenue has shown a remarkable year-on-year increase, doubling in the first quarter of 2024. This suggests a strong rebound from the previous years affected by travel restrictions and economic downturns.

Looking ahead, the market is expected to see some divergence as Macau's concessionaires release their financial results for the first quarter. Some operators may report strong EBITDA (earnings before interest, taxes, depreciation and amortization) growth, but others might face declines. This highlights the varying impacts of the industry's stabilization and the importance of factors such as market shares, operational expense control and promotional strategies.

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Macau Government Receives Huge Dividends

The substantial increase in gaming tax revenue collected by the Macau SAR Government in March is a significant indicator of the region's economic recovery and growth. It saw a 77% rise, as reported by the Financial Services Bureau.

The surge, to MOP7.13 billion (US$883 million) from MOP4.02 billion (US$498 million) in the previous year, suggests a revitalization of consumer confidence and an influx of tourism, likely influenced by relaxed travel restrictions and global economic stabilization. The financial boost will greatly support the local economy and contribute to the fiscal stability of the region.

Moreover, this growth will attract further investment, both domestic and international, as investors seek to capitalize on Macau's thriving market. Macau's government has already approved legislation that will require casino operators to increase their investments in non-gaming activity, and the March results show that they have that capability.


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