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Aumentan los ingresos brutos de Macao en agosto por el turismo chino y surcoreano, según un experto

Jenny Ortiz September 8, 2024

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Aumentan los ingresos brutos de Macao en agosto por el turismo chino y surcoreano, según un experto

Macau’s gaming industry saw a boost in August, with gross gaming revenue (GGR) reaching MOP19.75 billion (€2.2 billion), a 14.8 percent year-on-year increase. This rise was fueled by a surge in tourists from mainland China and South Korea, seasonal demand, and the benefit of an extra weekend, underscoring the resilience of Macau’s gaming sector as it recovers post-pandemic.??

According to Mary Mendoza, Managing Director of The Platinum Ltd., a boutique consulting firm for the gaming industry, “Macau GGR has seen an increase due to a rise in the number of tourists from mainland China and South Korea, seasonal demand, and advantageous circumstances in August, including an extra weekend.”??

Strong performance in August??

August’s GGR also reflected a 6.2 percent increase from July, making it the second-best performing month since pandemic restrictions were lifted, behind only May 2023. This steady rise highlights the market’s recovery trajectory as international tourism begins to regain momentum.??

For the year-to-date, Macau’s GGR reached MOP152.1 billion (€17.1 billion), a 33.4 percent growth compared to the same period in 2023. This figure represents about 70 percent of the Macau government’s full-year projection of MOP216 billion (€24.3 billion), leading industry analysts to maintain an optimistic outlook for the sector.??

“Considering the robust performance observed in the initial eight months of 2024, the anticipated seasonal increase in the fourth quarter, along with the gradual stabilization of the regulatory landscape, Macau’s gaming sector appears to be in a favorable position to achieve or surpass the government’s full-year gross gaming revenue forecast of MOP216 billion by the end of 2024,” Mendoza said.??

However, she also cautioned about future uncertainties. “Although the short-term forecast for Macau’s GGR appears optimistic, there are apprehensions regarding potential challenges to future growth, particularly the regulatory measures targeting illegal money exchange, which may hinder progress in the upcoming months.”??

Lingering challenges to full recovery??

Despite the positive developments, Macau’s August GGR is still 18.6 percent lower than pre-pandemic levels recorded in August 2019, when revenue hit MOP24.26 billion (€2.7 billion). Likewise, year-to-date revenue remains 23.3 percent below 2019 figures, illustrating the ongoing challenges Macau faces in achieving a full recovery.??

Mendoza highlighted several obstacles, including increasing regional competition. “Data suggest that its growth will be more consistent rather than experiencing the rapid expansion observed previously. The competitive landscape from Singapore and the Philippines presents challenges, compounded by the Chinese government’s crackdown on junket operations, evolving visitor preferences, and uncertainties in travel and the economy,” she noted.??

Outlook for Macau’s gaming sector??

As Macau’s gaming sector recovers, its economic dependence on tourism and gaming remains crucial. However, to return to pre-pandemic levels, sustained growth, and strategic adjustments are necessary.??

“Consequently, there is likely to be a shift in focus towards bolstering non-gaming amenities and enhancing the overall experience for visitors in order to draw a wider customer base,” Mendoza explained. “This strategic adjustment may facilitate sustained growth; however, it will require time for the industry to return to the performance levels seen in 2019.”??

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