Macau Casino Revenue Hits Record High in October

Macau's gross gaming revenue (GGR) reached a record MOP 20.8 billion ($2.6 billion) in October 2024, the highest since the region lifted COVID-19 restrictions, marking a 20.5% increase from September and a 6.6% rise year-on-year. The surge was largely driven by heightened tourist activity during China's National Day Golden Week, which saw visitor numbers surpass pre-pandemic levels. For the first ten months of 2024, total GGR hit MOP 190.1 billion ($23.7 billion), reflecting a 28.1% increase compared to the previous year, with analysts optimistic about surpassing the government's forecast for the year. Despite these gains, the GGR remains 21% below pre-pandemic figures from 2019, highlighting ongoing recovery challenges. Regulatory pressures, including a crackdown on unlicensed money exchanges, and concerns expressed by new leadership regarding the gaming industry's influence may pose future challenges. Nevertheless, investor sentiment remains positive for major casino operators as they adapt to evolving market conditions and demographics.