Macau, the world-renowned gambling destination, recorded a gross gaming revenue (GGR) of MOP14.9 billion, equivalent to approximately $1.85 billion, for the month of September. This figure reflects a 13.2 percent decrease compared to August, when the GGR reached MOP17.2 billion ($2.1 billion). It's worth noting that this decline occurred despite the disruption caused by a super typhoon at the beginning of September, which led to temporary casino closures.
However, the September GGR figure represents a remarkable 404 percent increase compared to the same period in the previous year. The data was released by the local regulatory authority, the Gaming Inspection and Coordination Bureau (DICJ).
For the first nine months of 2023, Macau's casino GGR totaled MOP129 billion ($15.9 billion), demonstrating an impressive 305 percent growth compared to the same period in the previous year.
In the Chief Executive's policy address for 2023, delivered in November of the previous year, the Macau government estimated the gross gaming revenue for 2023 to reach MOP130 billion ($16.25 billion). As of September, Macau's GGR has nearly reached this government target.
Despite ongoing efforts to revive Macau's tourism sector, the government has maintained its budget estimate. Citigroup, a prominent investment bank, has made a forecast indicating that the SAR gaming revenue for the entire year could potentially reach MOP181.5 billion ($22.7 billion), which would represent 62 percent of the level seen in 2019.
In August, Macau reported its highest monthly GGR volume for the year, reaching $2.1 billion. This result also marked the highest reported in the past 43 consecutive months, dating back to January 2020.
Simultaneously, Macau welcomed over 17.6 million visitors during the first eight months of this year. Tourism authorities in the region anticipate hosting a total of 24 million tourists by the end of the year, underscoring the ongoing appeal of Macau as a premier tourism and gaming destination.#
By fLEXI tEAM