Macau Experiences New Post-Covid Revenue High In October; GGR To Reach US$26.8bln Next Year

The impressive bouncebackability of the Macau Gambling sector shows no sign of abating after figures revealed a new post-COVID record high.

In terms of accumulated profits in October, there was a 30.9% increase of approximately US$2.42 billion in gross gaming profit (GGR) compared to the previous month. This growth trend indicates that the gaming industry in Macau is back on its way to thriving and peaking the interests of international businesses and investors.

That's not all - the GGR is 400% higher compared to October last year, according to data from the Gaming Inspection and Coordination Bureau (DICJ). Online gambling is unregulated in Macau, which means all profits are generated from the territory’s land-based casinos.

It's a big flip for the government after a challenging financial period in the post-pandemic recovery.

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Income From Gaming Set To Continue Into Next Year

Over the coming year, income from gaming is set to eclipse $26 billion, according to the latest budget released to Macau's Legislative Assembly on November 1st.

The prospects for the city's tourism sector will be one of the net benefits from the increase in gaming income, according to the legislative branch of Macau, which predicts it will serve as the main revenue base for the Macau government in the 2024 financial year.

A Welcome Respite for Macau Economy

It has been a tough few years for the region, particularly in the post-Covid years, which struggled in the pandemic more than other areas of the world due to its over-reliance on gambling.

According to reports from Yahoo Finance, revenue from Macau's casinos plummeted by 80% in 2020 compared to the previous year due to the pandemic.

Before the crisis, Macao was known as one of the wealthiest regions in the world. In 2019, its gross domestic product per capita was almost double that of Germany's $46,800 and twice as much as Japan's, according to data from the International Monetary Fund. This significant economic growth can be attributed to Macao's thriving tourism industry, which has been a major contributor to its economy for decades. With its unique blend of Chinese and Portuguese cultures, Macao has become a popular tourist destination, attracting millions yearly visitors.

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Dmitry Rogalchuk
With over 5 years of experience in iGaming, Dmitry Rogalchuk leads a content team at CasinoCanada, ensuring that every article on the CasinoCanada website is informative and engaging for our readers.
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The University of British Columbia
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Last updated on: 19.03.2024

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