The gambling industry in Macau has hit a significant milestone as the region’s revenue soared to a post-pandemic record of MOP20.19 billion in the month of May. This figure not only breaks the previous post-pandemic high of MOP19.50 billion reached in October 2023 and matched in March 2024 but also marks a remarkable recovery for the world-renowned casino hub.
May’s total revenue is an 8.8% increase compared to the MOP18.55 billion recorded in April this year. It also represents a substantial 29.7% growth from the MOP15.57 billion generated in May of the previous year. The achievement of surpassing the MOP20.00 billion mark is noteworthy, as it is the first time this figure has been exceeded since the early days of the Covid-19 pandemic in January 2020. Before the pandemic, Macau’s monthly revenue would regularly exceed MOP20.00 billion.
The gambling sector in Macau was heavily impacted by the Covid-19 pandemic, with stringent measures and restrictions affecting the region for several years. However, the total removal of these restrictions in January 2023 has led to a dynamic recovery in the market. Since then, Macau has experienced consistent double-digit monthly revenue growth, signaling a robust rebound.
The year-to-date performance further highlights this recovery. In the first five months of the year up to the end of May, Macau’s gambling revenue totaled MOP96.06 billion, marking an impressive 47.9% increase from the previous year. This ongoing recovery has been reflected in the performance reports of some of the leading casino operators in the region.
SJM Holdings, a major player in the Macau market, is the latest operator to report substantial growth. During the first quarter of the year, SJM Holdings reported HK$6.90 billion in revenue, a significant 73.0% increase from the same period last year. The Grand Lisboa Palace and the Grand Lisboa in Macau saw substantial revenue growth, with figures rising to HK$1.4 billion and HK$2.0 billion, respectively.
. The company’s adjusted EBITDA for Q1 2024 was HK$864 million, compared to just HK$31 million in the prior period.
Other major casino operators in the region have reported similar upward trends in their Q1 performance. Las Vegas Sands, another key player, recorded a 39.6% increase in revenue, reaching US$2.96 billion. The company’s operations in the region contributed US$1.81 billion, a 41.6% rise compared to the last year.
Melco Resorts & Entertainment also saw a substantial year-on-year revenue increase of 55.2% for Q1, totaling US$1.11 billion. Melco noted that each of its Macau properties reported growth, with the City of Dreams venue in Macau generating the most significant revenue at US$550.9 million.
MGM Resorts International announced record quarterly revenue in China for Q1. The group’s total revenue climbed 13.2% to an all-time high of US$4.83 billion, with MGM China’s contribution amounting to US$1.06 billion.
Similarly, Wynn Resorts reported a robust 30.8% rise in Q1 revenue, totaling US$1.86 billion. The company credited this growth to its operations in Macau, which generated US$998.6 million in total revenue, accounting for 53.6% of the company’s total Q1 revenue. While Wynn’s other locations in Las Vegas and Boston also experienced revenue increases, the growth levels in Macau were unparalleled.
These impressive figures highlight the resilience and recovery of Macau’s gambling industry post-pandemic. With the removal of Covid-19 restrictions and a dynamic market environment, Macau is regaining its status as a global gambling hub, setting new benchmarks and recording significant growth in revenue across the board. As operators continue to report strong quarterly results, the future looks promising for Macau’s gambling sector, heralding a new era of prosperity and development.
