Macau shares gross gaming revenue results in 2024
Gross gaming revenue for 2024 was up 23.9 per cent in year-on-year terms but down compared to 2019, when GGR reached MOP292.45bn (US$36.7bn).
Macau.- The Gaming Inspection and Coordination Bureau (DICJ) has reported that Macau’s gross gaming revenue (GGR) for 2024 was MOP226.78bn (US$28.39bn), up 23.8 per cent year-on-year. However, the figure was down 22.45 per cent compared to 2019 levels, when GGR reached MOP292.45bn (US$36.7bn). The results have surpassed the Macau government’s expectations. Authorities have forecast GGR could hit MOP216bn (US$27.07bn) in 2024.
2024 is the second year of Macau’s recovery from Covid-19, following the end of all travel restrictions in early 2023. According to authorities, nearly 35 million people visited the city last year, surpassing the government’s target of 34 million tourist arrivals.
December’s GGR was down 1.3 per cent sequentially from MOP18.44bn (US$2.31bn) to MOP18.2bn (US$2.28bn). Compared to the same month in 2023, the figure was down by 2 per cent. It was the third-lowest of the year, mainly due to president Xi Jinping’s visit for the 25th Anniversary of Macau’s handover to China on December 20.
Chinese president urged Macau to diversify its economy away from gaming
In his visit to Macau, Xi Jinpin stressed the importance of reducing Macau’s reliance on gaming as a primary economic driver and urged the city to continue diversifying its economy.
During his speech, Xi said that while Macau has made progress in recovering from the economic downturn caused by the Covid-19 pandemic, it still relies heavily on the casino sector. He said, “Efforts should be made to promote moderate economic diversification[…] and focus on cultivating new industries with international competitiveness.”
