The six casino companies in Macau earned 226.8 million patacas, approximately US$28.3 billion, from players in 2024. This indicated an almost 24% increase in gross gaming revenue (GGR) compared to the previous year in 2023.
Macau’s six gaming concessionaires — Sands, Galaxy, SJM, MGM, Melco, and Wynn — saw a second year of recovery in gaming following Chinese President Xi Jinping’s removal of the contentious “zero-COVID” policy in late 2022. The 2024 GGR total was around $5.7 billion greater than the amount the six companies earned in 2023.
The year concluded with December casino earnings totaling around MOP18.2 billion (US$2.27 billion). That signified a 2% decrease compared to last year and was 1.3% less than in November. December was the sole month in 2024 where year-over-year GGR dropped compared to the same month in 2023.
December ranked as the third-lowest GGR month of the year, even with Xi's visit to the Chinese Special Administrative Region (SAR) for the inauguration of Sam Hou Fai as the new chief executive of the city. Macau's highest government role is selected every five years by a committee of 400 members mostly made up of Beijing supporters.
Momentum Sustained
While December posed a challenge, 2024 proved fruitful, as the gaming industry adeptly adjusted to the mainstream market in response to evolving regulations. Once a favored destination for affluent Asian gamblers, Macau is no longer the VIP haven it used to be since Xi utilized the pandemic to reform the territory.
Labeling the significant cash outflow via the tax haven of Macau as a danger to China’s national security, Xi directed Macau and the local Judiciary Police to enhance oversight of junket group activities. For more than ten years, the travel planners have served mainland high rollers by offering luxury travel experiences and five-star lodging.
The prices for the trips were lavish — frequently exceeding $100K — yet the VIPs received gaming credit equivalent to their tour expenses upon reaching Macau. In return, the six casino operators distributed the related gaming revenue earned in the exclusive high roller rooms with the junkets.
Xi’s crackdown on junkets, highlighted by the prosecution of Suncity leader Alvin Chau, who received an 18-year prison sentence in January 2023 for illegal gambling and criminal association, led to VIP groups escaping the market.
Mass Market Emphasis
As fewer high rollers come through junkets, Macau casinos have shifted their attention to the general public and what they term "premium mass" gamblers. The casinos are investing billions of dollars in amenities and attractions beyond gaming to diversify the city and attract new visitors.
The $28.3 billion in 2024 GGR accounted for 77.5% of the GGR levels from 2019. Looking forward, analysts from Morgan Stanley anticipate “modest yet consistent growth.” The financial source anticipates that the GGR for 2025 will reach approximately $30 billion, while the GGR for 2026 is expected to be about $31.2 billion.
The real outcomes will be greatly influenced by the Chinese economy, which has decelerated in recent years. In their December report, analysts at Vanguard predicted that China’s “full-year GDP growth will slow in 2025 due to ongoing structural and external challenges, such as a lasting housing slump, worsening supply-demand disparities, and changes in global trade.”
