Inside Asian Gaming (IAG)’s Post

A new paper on the post-pandemic reality of Macau’s gaming industry states that while the current situation is favorable, returning to pre-pandemic heights will be challenging. The main reason is that the factors that once drove Macau’s rapid growth are disappearing.

Macau’s gross gaming revenue (GGR) averaged MOP514 million ($63.92 million) per day in the last week (June 17th to 23rd), which is nearly 65 percent of the 2Q19 level. Meanwhile, the mass market performance remains strong at 90-95 percent of 2Q19 levels.

According to Moody’s latest commentary, the agency expects full-year gross gaming revenue (GGR) in Macau to reach 75-80 percent of pre-pandemic 2019 levels by 2024 and 2025, compared to 63 percent in 2023 and 14 percent in 2022.

The move to legalize gaming in Thailand could unlock a substantial $15.1 billion market, creating new dynamics in the regional gaming landscape. Analysts at CLSA suggest that this development, while significant, presents ‘more opportunities than threats’ for Macau’s gaming concessionaires.

Visitors, steady spend to support Macau GGR: CreditSights: CreditSights Inc says that while casino gross gaming revenue (GGR) improvements in the Macau market relative to 2019 have “moderated”, it still expects to see “incremental growth in market wide GGR … on the back of ongoing increases” in inbound visitor numbers and “steady spend” per visitor. “While we expect to see additional growth for […]

The research team from East Asia Securities notes that as China’s economy gradually stabilizes, travel demand remains stable, and traffic gradually returns to normal. It is expected that Macau’s gaming revenue will further recover in 2024, and the annual gaming revenue may increase to MOP234 billion ($29 billion), marking an annual growth of nearly 28%, returning to the level of about 80% in 2019.

Macau’s gross gaming revenue (GGR) amounted to MOP18.5 billion ($2.29 billion) in April, reflecting a 4.9 percent decrease from March’s MOP19.5 billion ($2.42 billion).

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In an investment memo, CLSA notes that intact gaming demand plus policy support have contributed to visitation. Macau’s GGR in May achieved a new post-COVID high, reaffirming that demand for gaming in Macau remains intact, although the overall level is still 22 percent below May 2019 levels.

According to the most updated information, in addition to Thailand proposing gross gaming revenue (GGR) be taxed at 17 percent, the second lowest in ASEAN after Cambodia, the country is expected to develop the industry on a large scale. As Japan has only issued one casino license, according to initial planning, Thailand may house 5-8 ECs.