Macau’s gross gaming revenue in October reached its highest level since the beginning of the pandemic, topping out at MOP19.5 billion ($2.42 billion), a 400.2 percent yearly increase and over MOP2 billion ($248 million) higher than the previous 2023 high of MOP17.21 billion ($2.13 billion) seen in August.
The figure demonstrates the resurgence of punters during the Golden Week holiday period, as tourists flocked to Macau.
The latest figures bring the cumulative tally for 2023 GGR to MOP148.44 billion – $18.44 billion (January–October), a 315.6 percent yearly increase, and nearly MOP20 billion ($2.48 billion) more than the entire tally of FY22 and FY21 combined.
Operators expressed optimism that the October figures would help drive strong growth in the fourth quarter, as their strategy to focus on mass play and shift away from VIP pays off.
In the city’s Chief Executive 2023 policy address last November, the Macau government estimated 2023 gross gaming revenue at MOP 130 billion ($16.25 billion). As of October, Macau’s GGR had already achieved the government’s goal.
According to the latest government budget plan, which was released on the same day, Macau authorities raised the GGR protection for 2024 to MOP 210 billion ($26.1 billion).
The investment bank Citigroup recently predicted the SAR gaming revenue for the whole year is likely to reach MOP 181.5 billion ($22.7 billion), which represents 62 percent of the 2019 level.
At the same time, Macau received nearly 20 million visitors in the first three quarters of the year, while tourism authorities expect to receive 24 million tourists by year-end.