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China – Macau up 334 per cent year-on-year following strong December

By - 2 January 2024

Macau’s casinos generated GGR of US$22.7bn in 2023, marking an increase of 334 per cent year-on-year with the fourth quarter setting an all-time record in mass market GGR, coming in at 105 per cent of 2019 revenue levels.

JP Morgan analysts DS Kim, Mufan Shi and Selina Li said fourth quarter mass GGR increased by between 12 per cent and 13 per cent quarter-on-quarter to US$6.03bn, which they said was ‘impressive given well-documented macro headwinds from China.’ December represented the first time since the pandemic that overall GGR had reached 80% of pre-COVID levels. December’s GGR came in at US$2.3bn, an increase of 433 per cent year-on-year and up 15.7 per cent from November, making it the second highest revenue month of the year after October. Overall for the year revenues are now at 62.6 per cent of 2019 levels.

The fact that revenues came in above MOP$180bn means the six operators will have to increase their non-gaming investment by 20 per cent.

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