Macau’s Gaming Revenue Hits $2.45 Billion in August 2024; Exceeds Forecast of Morgan Stanley Analysts

Macau’s gaming industry reported a strong performance in August 2024, with gross gaming revenue (GGR) reaching MOP19.7 billion (US$2.45 billion).

This figure marks a 14.8% increase from the same month last year and a 6.2% rise from July’s revenue, according to the Gaming Inspection and Coordination Bureau (DICJ). August’s GGR is the second highest of the year, trailing only behind May’s MOP20.1 billion (US$2.5 billion). The month’s revenue also stands at 81.5% of the MOP24.3 billion (US$3.03 billion) recorded in August 2019, before the pandemic.

For the first eight months of 2024, Macau’s total GGR has reached MOP152.1 billion (US$18.9 billion), representing a 33.4% increase from the same period last year. Despite this growth, the revenue remains 23.3% below the MOP198.22 billion (US$24.66 billion) recorded in 2019.

According to Asia Gaming Brief, the August results exceeded Morgan Stanley’s forecast by 5.23 percentage points, surpassing their estimate of MOP18.8 billion (US$2.35 billion). The improvement was partly attributed to a favorable calendar in August, which included more weekends compared to July.

However, industry analysts caution that recent crackdowns on illicit money exchanges by mainland and Macau authorities could impact future revenue.

Looking ahead, conservative estimates predict Macau’s GGR for the full year of 2024 could reach around MOP216 billion (US$26.8 billion), while more optimistic forecasts suggest a potential high of MOP239.9 billion (US$29.8 billion).

Read related article: Macau’s Gaming Tax Revenue Jumps 58% YoY Between January-July 2024