Macau’s gaming sector achieved MOP226.8 billion (€27.2 billion) in gross gaming revenue (GGR) for 2024, reflecting a 23.9 percent year-on-year increase. This marked the second consecutive year of recovery following the reopening of Macau’s borders in January 2023. The figure represents 77.5 percent of pre-pandemic revenue levels in 2019, highlighting steady progress despite ongoing challenges.
Data from the Gaming Inspection and Coordination Bureau (DICJ), Macau’s gaming regulator, shows the year ended on a slightly subdued note, with December’s GGR at MOP18.2 billion (€2.2 billion), a 2 percent decline compared to the same month in 2023 and 1.3 percent lower than November. Analysts attribute this dip partly to the visit of China’s President Xi Jinping, which typically reduces visitation from the mainland.
During his visit last month, the Chinese President urged Macau, China’s Special Administrative Region (SAR), to diversify away from casinos. Xi emphasised the importance of fostering moderate economic diversification and prioritising the development of new industries with global competitiveness.
Transition from VIP junkets to mass market
Macau’s casino operators continued their pivot toward mass-market gaming, a shift driven by regulatory changes that dismantled the city’s reliance on junket operators. These groups had previously facilitated high-roller activity by offering credit and exclusive gaming experiences. Regulatory scrutiny, underscored by the prosecution of prominent junket figures, led to the collapse of this model.
In response, casinos have invested heavily in premium mass-market offerings and non-gaming attractions to broaden their appeal. This strategy is paying off, with mass-market gaming emerging as the backbone of Macau’s recovery.
December challenges and broader momentum
Despite December being one of the weaker months in 2024, the overall performance of Macau’s gaming sector surpassed the government’s forecast of MOP216 billion (€25.9 billion). Analysts note that the final weeks of December showed improved daily gaming revenue, offsetting earlier disruptions.
The sector’s recovery has been aided by a surge in visitor arrivals, which reached approximately 35 million, exceeding earlier projections.
Continued growth in 2025
Investment banks forecast continued, albeit moderate, growth in Macau’s gaming sector. Projections indicate GGR could reach MOP240 billion (€28.8 billion) in 2025, driven by a combination of increased visitation, mass-market focus, and further economic recovery in China.
However, long-term growth may hinge on addressing structural challenges within China’s economy, including housing market issues and evolving trade dynamics. These factors will likely influence consumer spending and, by extension, gaming revenue in Macau.
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