Macao Remains Top Destination for Casino Gaming in the World

Macao’s gaming revenue surged to a post-pandemic high of $1.8 billion in April, reaffirming the region’s status as the top gaming destination in the world.

In comparison to April 2022, Macao’s Gaming Inspection and Coordination Bureau recorded a 449.9% rise in gross gaming income on Monday. In contrast, Nevada had its best April ever in 2022, with player winnings of $1.1 billion.

The three Macao-based Las Vegas corporations, Las Vegas Sands Corp., Wynn Resorts Ltd., and MGM Resorts International, were happy to hear the news.

Gaming analyst Joe Greff, who is located in New York, said in a report to investors on Monday that the gaming revenue is encouraging for May because China is now experiencing its annual Labor Day holiday, which lasts from April 29 through Wednesday.

“We continue to think that our thesis of all roads lead to Macao is very much intact, given steady, sequentially growing recovery that is still in its relatively early innings (market opened on Jan. 8),” Greff wrote in his message to investors.

According to Greff, the 2019 Labor Day holiday lasted four days. A run-rate of $134,000 per day, or 84 percent of the typical $159,000 per day over the 2019 holidays, was recorded for the first two days of the holiday, he continued, adding that visitation was strong.

Greff noted that the gaming revenue generated by Macao’s 39 casinos in April was 62 percent higher than pre-pandemic levels, which is an improvement above the 45 percent recovery seen in the first three months of 2023.

On Monday, stock prices for the three Las Vegas businesses with operations in Macao were close to 52-week highs.

With five hotels, Sands is the market leader in Macao. On Friday, it posted a 52-week high of $63.99 per share. On Monday, it closed trading at $64.86, up 1.58 percent.

On Monday, Wynn stock reached a level close to its 52-week high, finishing at $115.60, up 1.16 percent. Three properties are owned by it in Macao.

With its joint ownership of two resorts in Macao, MGM was also close to reaching a 52-week high for its share price, which ended the day at $46.04, up 2.49 percent.

Executives from Sands stated during their quarterly earnings call on April 19 that they were still optimistic about Macao’s commercial recovery and planned to continue investing there and in Singapore.

While Wynn is anticipated to release its earnings report later this month, MGM held its first quarter earnings call with investors on Monday.