In 2024, Macau’s six casino operators—Sands, Galaxy, SJM, MGM, Melco, and Wynn—won a total of 226.8 million patacas, or approximately US$28.3 billion, from gamblers. This represents a nearly 24% increase in gross gaming revenue (GGR) compared to 2023.
Macau’s gaming industry has experienced a second year of recovery following the lifting of Chinese President Xi Jinping’s “zero-COVID” policy in late 2022. The 2024 GGR was about $5.7 billion higher than the previous year.
December’s casino revenue was around MOP18.2 billion (US$2.27 billion), a 2% year-over-year decline and 1.3% lower than November. It was the only month in 2024 where GGR was lower than the same month in 2023. Despite this, 2024 was a positive year overall, with the industry successfully shifting towards the mass market amid regulatory changes.
Momentum Maintained
Although December saw a setback, the year was marked by a successful pivot towards the mass market. Macau, once a VIP paradise for Asian high rollers, has shifted focus after Xi Jinping’s overhaul of the enclave during the pandemic. Labeling the outflow of cash through Macau as a national security threat, Xi instructed better monitoring of junket groups, which had catered to mainland high rollers with luxury travel and accommodations.
The crackdown on junkets, led by the prosecution of Suncity boss Alvin Chau—sentenced to 18 years in prison in January 2023—resulted in VIP groups fleeing the market.
Mass Market Focus
With fewer high rollers, Macau casinos have turned their attention to the general public and “premium mass” gamblers. They are investing billions in non-gaming amenities and attractions to diversify the city and attract new visitors.
The $28.3 billion in 2024 GGR represented 77.5% of 2019 levels. Analysts at Morgan Stanley predict “slight but steady growth,” projecting 2025 GGR to be around $30 billion and 2026 GGR to reach $31.2 billion.
However, these results will heavily depend on the Chinese economy, which has slowed in recent years. Analysts at Vanguard expect China’s “full-year GDP growth to decelerate in 2025 amid persistent structural and external headwinds, including a prolonged housing downturn, deepening supply-demand imbalances, and global trade developments.”
Macau’s gaming industry continues to adapt and evolve, aiming for steady growth and resilience in the face of economic challenges.
