Gross gaming revenue (GGR) accomplished by Macau’s casinos in February amounted to MOP10.32 billion ($1.27 billion), which is the third-best monthly GGR performance since January 2020 regardless of the end of the festive season and the month’s fewer number of days than January.
Asian Gaming Brief transfers the information from Gaming Inspection and Coordination Bureau (DICJ) indicating that the total gaming revenue in Macau in February 2022 was 33.1 percent higher than the same month last year. At the same time, this month recorded GGR levels around 11 percent lower than January boasting the highest revenue level of MOP11.58 billion ($1.43 billion) since 2020.
Consecutive high figures:
With a $2.74 billion hit in January 2020 and $ 1.43 in January 2023, the February 2023 level of $1.27 billion is the third-best region’s gaming performance in three years. On a year-over-year basis, February 2023 is still only 41 percent of the MOP25.04 billion ($3.1 billion) recorded in February 2019. However, this year’s figures testify to the complete market recovery as two consecutive months recorded soaring revenues after as low levels as MOP398 million ($49 million) seen in July 2022, at the height of Macau’s first main COVID outbreak.
Gaming industry recovery:
The recovery is also reflected in the COVID-related restrictions being lifted these days. Starting from the beginning of this week, Macau casino operators no longer require the staff and clients to wear protective masks inside their resorts following the respective governmental relaxation policies. The milestone for these measures and the upturn in Macau’s gambling activities was January 8, 2023, when gambling facilities were re-opened after several months of closure ahead of the Chinese New Year celebrations.
Many gaming operators have noted that the Chinese New Year holiday period drove the long-awaited recovery of the industry in January. It was then that the visits from China, Hong Kong, and Taiwan resumed resulting in an almost 300 percent y-o-y larger visitor count settling at around 450,000.
Third-best performance in three years:
February GGR followed the same trend although it didn’t feature any public holidays. The month had the third-best performance in the last three years following January 2020 which performed best shortly before the full implementation of COVID restrictions with $2.74 billion. It also follows the second-best January 2023 score to give a hint of a much brighter future ahead for Macau’s industry.
The January GGR hit $1.43 billion and the February revenue amounted to $1.27 billion. If the trend continues throughout the year, we estimate that the 2023 gross gaming revenue may reach levels above $ 15 billion by the end of the year. It would be the GGR level higher than in the preceding three years. In fact, the 2020 GGR amounted only to around $ 7.5 billion due to the pandemic, 2021 revenues reached around $10.5 billion, and the 2022 total revenue was only $5.3 billion. It would also be the level almost equal to the aggregated gaming revenues reached in the previous two years.
Macau’s GGR situation has recently changed for the better and casino industry expectations are growing. In any case, it seems that Macau’s wheels are turning to finally get back to normal speed.
Source: Read Full Article