Good Morning: (Sort of) close but no cigar. Macau’s gross gaming revenues struggle to reach 2019 peaks, with analysts placing them 31 percent below their pre-pandemic level. However, most operators are gaining in the mass market space, with SJM trailing behind. Looking at satellite casinos, SJM is also facing headwinds, as analysts at CBRE say costs could outweigh benefits, expecting several quarters before any significant recovery.

What you need to know

  • According to Deutsche Bank’s calculations, Macau’s industry-wide 3Q23 GGR remains 31 percent below the levels seen in 3Q19. 
  • CBRE Securities notes that satellite casinos in Macau encounter significant hurdles in their path to recovery due to the burden of excessive costs.

On the radar

AGB Intelligence


Cotai Strip,Macau

Macau GGR falling 31 percent behind 2019 levels: analysts

Despite the surge within the mass gaming segment, Macau’s overall gross gaming revenue is still failing to track with 2019 figures, trailing by at least 31 percent, according to analysts. This comes despite the surge brought about by Golden Week in October, and increasing visitor numbers. Most operators gained market share in the mass segment during the quarter, with SJM the only exception, notes Deutsche Bank. However, GGR figures have topped $18.4 billion in the nine months, a strong resurgence from the city’s despondent COVID past.

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