Macau‘s 2023 gaming gross revenue increased by 234% year-on-year in August to reach US$550 million.
This revenue exceeds the consensus expectation of growth of 176%, which is an extremely positive sign.
The GGR count for the month is down 47.4% from its July level due to some tighter travel and border restrictions earlier in the month.
While August was also the lowest GGR month of 2021, there is some positive momentum going into early September.
“Tourism and GGR experienced the beginnings of recovery in the latter part of the month as travel impediments were gradually relaxed and China eased travel restrictions in many areas after passing the peak of the most recent COVID outbreak” , note Bernstein analysts.
Gross gaming revenue accumulated in the year in Macau is 70.1% higher than the previous year, to US$7.73 billion.
Macau, the gaming capital of Asia
The former Portuguese colony Macau is the real world capital of casino games. Gambling there is obviously legal in the city, which has been an independent district of China since 1847.
However, it was only in 2005 that the installation of foreign casinos was allowed, and thus Macau suffered its tourist and financial “boom”.
Since then its economy has grown 500 times.
Although Portuguese is the official language, it is the least heard there. The option at local schools is Mandarin.
It is also possible to feel at ease in the Chinese district, where, as in Brazil, there are several buildings in the Portuguese style.
Local casinos sometimes make in a day what Las Vegas makes in a month – thus living up to the name “Great Asian Gaming Hub”.
