October’s victory marks the most triumphant monthly performance since January 2020 when the six casino operators collectively raked in a staggering $2.75 billion. The emergence of the coronavirus in China set off a chain of events, affecting Macau’s gaming industry as early as February 2020.
Between February 2020 and 2022, Macau’s casinos only surpassed the threshold of MOP10 billion in monthly earnings on a single occasion. However, with China President Xi Jinping’s decision to put an end to his contentious “zero-COVID” policy late last year, Macau’s path to post-pandemic recovery was finally set in motion.
The gross gaming revenue (GGR) of Macau for the first ten months of 2023 now stands at an impressive $18.4 billion, showcasing a remarkable 316% surge compared to the previous year. Additionally, the casino earnings for 2023’s first ten months have outperformed those of the same period in 2021 by 106% and have surged by 224% compared to the figures from 2020.
Nonetheless, the $18.4 billion in gaming revenue amassed from January through October 2023 remains 40% below the total collected by the six casinos during the same ten months in the pre-pandemic year of 2019.
Join【PGasia】now and try!!! 【Home】
At PGasia, you can enjoy lightning-fast withdrawal of a whopping 10,000 PHP bonus in just 5 minutes! We’re the online casino with the biggest jackpot, and we take your safety and reliability seriously. With countless players hitting the jackpot every day, there’s never been a better time to join in the fun. Don’t hesitate – come play at PGasia today!
Casino | The Rally Continues
Macau’s performance in October serves as a clear indication that the industry is on an upward trajectory. October 2023 witnessed a remarkable 400% year-over-year surge, underlining the positive momentum.
Experts in the field of gaming analysis who closely monitor the Chinese gaming enclave are of the opinion that the mass-market segment has completely rebounded to its pre-COVID levels. October's performance received a significant boost from a robust Golden Week, which extended from September 29 to October 6. This holiday period grants the majority of mainland workers a full week of paid time off, contributing to the positive results.
On October 1st, China celebrates the founding of the People’s Republic, which is known as National Day in the country. During the weeklong holiday, more than 932,000 people visited the Special Administrative Region (SAR).
Analysts, including those at Citigroup, had initially projected that Macau’s gross gaming revenue (GGR) for October would reach around MOP19 billion. Remarkably, the market exceeded these expectations, delivering slightly better results.
PGasia | Shifts in the Market
Starting from August 30, 2023, China has eliminated travel restrictions for its citizens and foreigners.
While international travelers are still required to submit a Customs Health Declaration form confirming that they do not suspect they have COVID-19 or have been in close contact with anyone who has, the mandatory testing requirements have been discontinued.
In October 2019, Macau's casinos recorded impressive earnings of nearly $3.3 billion, followed by a substantial $3.4 billion in October 2018. However, the landscape of the market has evolved significantly, primarily due to the reduced presence of junket groups. VIP trip organizers have largely withdrawn from Macau, and this transformation was triggered by the arrest of Alvin Chau, a prominent figure in the junket industry in Macau, in November 2021. Chau faced multiple charges, leading to these consequential changes in the industry.
Chau was subsequently convicted of fraud, illegal gambling, and criminal association. In January, he received an 18-year prison sentence. Prosecutors effectively argued that Chau’s Suncity Group had conducted illicit marketing campaigns and operated underground gambling activities, resulting in an estimated loss of $1 billion in tax revenue for the local government from 2013 to 2021.
The Macau Special Administrative Region (SAR) Government unveiled its full-year 2024 Gross Gaming Revenue (GGR) forecast, anticipating MOP216 billion ($26.8 billion). This projection reflects the evolving market dynamics, particularly considering that Macau’s casinos achieved a record-breaking $45 billion in winnings in 2013. It was after this period that Chinese President Xi directed his government to intensify efforts to curb the flow of money from the mainland to Macau via high-stakes junket groups.
