The Gaming Inspection and Coordination Bureau (DICJ) has released Macau’s gross gaming revenue (GGR) figures for November, revealing critical trends in the region’s gaming industry. The total GGR for November reached MOP 18.4 billion ($2.3 billion), reflecting a 14.9% year-on-year growth. Year-to-date, the GGR has accumulated to MOP 208.6 billion, marking a 26.8% increase compared to the same 11-month period last year.

Macau’s Gaming Revenue Report: November GGR Hits MOP 18.4 Billion, Up 14.9% YoY

November Performance: A Lower-End Month for 2024

Despite the positive year-on-year growth, November’s GGR is among the lower-performing months of 2024. Only June (MOP 17.7 billion) and September (MOP 17.3 billion) reported lower figures. The peak was observed in October, when the GGR reached MOP 20.8 billion, primarily driven by the National Golden Week holiday, which significantly boosted tourism in Macau.

When compared month-on-month, November’s GGR saw an 11.5% decline, highlighting the seasonal nature of Macau’s gaming revenue.

Year-to-Date Growth Trends

The year-to-date performance paints an optimistic yet steady picture of the gaming industry in Macau. While overall growth remains strong, there has been a visible slowdown in the growth rate throughout the year:

• January: Year-on-year growth stood at a remarkable 67%.
• February: Growth peaked at 79.1%, driven by increased tourism during the Chinese New Year.
• March: Recorded a 53.1% growth.

However, beginning in June, the year-on-year growth plateaued, remaining below 20% for the rest of the year. Consequently, the cumulative year-to-date growth dropped from its February high of 72.7% to 26.8% by November.

Macau Gaming Operators’ Q3 Reports

November also saw the release of Q3 revenue reports from major gaming operators in Macau, providing insights into individual performance trends that align closely with the overall market growth.

Galaxy Entertainment Group

• Reported a 11% year-on-year revenue increase, totaling HK$10.7 billion ($1.36 billion).
• The group’s diversified gaming and hospitality offerings contributed to stable growth.

Melco Resorts & Entertainment

• Posted a Q3 revenue of $1.18 billion, up 16% year-on-year.
• Its Studio City property led growth, with revenue surging 26.8% to reach $335.5 million.

These figures highlight the resilience and adaptability of operators as they capitalize on Macau’s steady recovery.

Factors Driving Revenue Trends

1. Impact of Key Holidays

The National Golden Week holiday in October significantly boosted tourism and gaming activities, leading to the year’s highest GGR. Such events underscore the importance of holiday seasons in driving peak revenues.

2. Tourism Recovery

As Macau continues to recover from the pandemic, tourist arrivals have steadily increased. With a focus on enhancing hospitality and integrated resort experiences, operators are attracting higher visitor footfalls, translating into robust gaming activity.

3. Diversified Offerings by Operators

Gaming operators in Macau are increasingly focusing on a mix of gaming and non-gaming amenities. Resorts now feature world-class dining, shopping, and entertainment options to appeal to a broader demographic, including families and non-gaming tourists.

4. Regulatory Stability

The gaming industry has benefited from clear regulatory policies implemented by the Gaming Inspection and Coordination Bureau (DICJ), fostering investor confidence and ensuring sustainable growth.

Challenges and the Path Ahead

While the numbers indicate a steady recovery, several challenges remain:

• Slowing Year-on-Year Growth: After the explosive growth in early 2024, the second half of the year saw a deceleration, with growth rates not exceeding 20% from June onwards.
• Global Economic Uncertainty: Economic factors, such as currency fluctuations and regional political tensions, could impact future revenue trends.
• Competition from Other Destinations: Emerging gaming hubs in Asia-Pacific pose a challenge to Macau’s dominance.

To sustain growth, operators must focus on innovation, diversify their offerings, and leverage digital technologies for better customer engagement.

Macau’s Gaming Revenue Outlook for 2025

Looking ahead, Macau’s gaming industry is poised for further growth, supported by strategic initiatives such as:

1. Enhanced Tourism Campaigns: Targeting key markets to attract international visitors.
2. Smart Gaming Technologies: Integrating AI and digital solutions for personalized gaming experiences.
3. Expanding Non-Gaming Amenities: Strengthening Macau’s position as a holistic entertainment destination.

With the anticipated recovery of global travel and tourism, 2025 could witness a resurgence in gaming activity, potentially surpassing pre-pandemic levels.

FAQs About Macau’s November Gaming Revenue and Industry Insights

1. What was Macau’s gross gaming revenue (GGR) for November?

Macau’s GGR for November totaled MOP 18.4 billion ($2.3 billion), reflecting a 14.9% year-on-year increase.

2. How does November’s GGR compare to other months in 2024?

November’s GGR is among the lower-performing months, with only June (MOP 17.7 billion) and September (MOP 17.3 billion) reporting lower figures. The peak month was October, with a GGR of MOP 20.8 billion, boosted by the National Golden Week holiday.

3. What is the year-to-date GGR for Macau in 2024?

From January to November 2024, Macau’s total GGR reached MOP 208.6 billion, representing a 26.8% increase compared to the same period in 2023.

4. How has the year-on-year growth trend changed in 2024?

The year-on-year growth rate was robust in the early months of 2024:

• January: Up 67%
• February: Up 79.1%
• March: Up 53.1%

From June onwards, growth rates declined, staying below 20%, leading to a slower cumulative growth by November.

5. What were the major drivers of October’s high GGR?

October’s GGR of MOP 20.8 billion was driven by increased tourism during the National Golden Week holiday, a significant event for the region’s hospitality and gaming industries.

6. How did major Macau gaming operators perform in Q3 2024?

• Galaxy Entertainment Group: Reported a 11% year-on-year revenue increase, totaling HK$10.7 billion ($1.36 billion).
• Melco Resorts & Entertainment: Posted a Q3 revenue of $1.18 billion, up 16% year-on-year.
• Studio City property revenue surged by 26.8% to $335.5 million.

7. What factors are driving Macau’s gaming revenue trends?

Several factors contribute to revenue trends:

• Holiday-driven boosts like the Golden Week.
• Recovery in tourism post-pandemic.
• Diversified offerings by operators, including non-gaming amenities.
• Stable regulatory environment supporting investor confidence.

8. What challenges does Macau’s gaming industry face?

Key challenges include:

• Slowing year-on-year growth in the latter half of 2024.
• Global economic uncertainties that could impact tourism and gaming.
• Increasing competition from other gaming destinations in Asia-Pacific.

9. What initiatives could support Macau’s gaming revenue growth in 2025?

To sustain growth, Macau could focus on:

• Enhanced tourism campaigns targeting international markets.
• Adopting smart gaming technologies for improved customer experiences.
• Expanding non-gaming amenities to attract a diverse range of visitors.