In Q1, Macau Gross Gaming Revenue (GGR) experienced a 6 percent quarter-on-quarter growth, reaching MOP57 billion ($7.06 billion), equivalent to 75 percent of pre-COVID-19 levels.

Macau's VIP baccarat gross gaming revenue (GGR) grew by 68 percent year-on-year in the first quarter, according to government data.

The last month of the first quarter should be a bit calmer for Macau, as GGR slows down post-Chinese New Year. According to analysts at Macquarie, the VIP rate is seeing a recovery in the month, however, while MICE-facing operators are likely to see a boost during the month.

The Macau gaming industry is experiencing a predicted cooldown after the Chinese New Year, as March’s gross gaming revenue (GGR) is expected to be 71-75 percent of 2019 levels.

The fight for market share among Macau gaming operators is becoming a concern among investors, while the Asia gaming hub is expected to experience a moderating pace of revenue recovery in 2024.

Macau gaming operators have recorded $1.95 billion of EBITDA for 4Q23, up 8 percent sequentially and 83 percent of 4Q19 levels, says Morgan Stanley.

NagaCorp was hit hard by COVID, with the company still experiencing a gradual recovery, notes Chairman Timothy McNally. The group is working hard to restructure its finances to figure out the scope of Naga 3, which is likely to only open in 2029.

Despite 2023 falling slightly short of expectations, the Chairman of NagaCorp says that the company is in a gradual recovery after COVID. Both VIP and mass have returned and as the number of flights increases, so should foot fall.

Fitch Ratings has expressed optimism regarding the outlook of Macau's gaming industry for the year 2024, citing a projected improvement bolstered by a steady recovery in inbound tourism.

After observing robust Chinese New Year (CNY) casino revenue, analysts from JP Morgan expect Macau's February gross gaming revenue to increase by 80 percent from the previous year to MOP19 billion ($2.36 billion).