Macau GGR projected to reach $29 billion in 2024: Goldman Sachs report

Macau is bouncing back from the impacts of the COVID-19 pandemic, with experts predicting that the city’s gross gaming revenue (GGR) could reach $29 billion this 2024. This would be a significant increase to 82% of pre-pandemic levels. Analysts at Goldman Sachs are expecting a 14% year-on-year growth in GGR for the second half of the year, which translates to an average daily run-rate of MOP638 million ($79.4 million).

In their recent report, Goldman Sachs pointed out some key factors affecting Macau’s GGR, such as a dip in wealth during April and May and the temporary impact of Euro 2024. The ongoing European soccer tournament, in particular, could divert some betting activities and potentially reduce GGR by up to 5%. However, history shows that Macau’s GGR generally bounces back quickly after such events, often by August or September.

The analysts also discussed the crackdown on illegal money exchange businesses, noting that it has had minimal impact on VIP and high-end players who have secure sources of liquidity. However, there could be challenges for grind mass or low-end premium mass players who may rely on illicit channels for liquidity due to restrictions like daily limits on physical border crossings and ATM withdrawals.

Overall, Macau’s gaming industry is showing signs of recovery and resilience, despite some temporary setbacks.

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