Macau Casino Revenue Tops Estimates In 2024Numbers Still Lag Behind Pre-Pandemic Levels |
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The end of December brought good news for the Chinese casino industry. Macau gaming revenue reached almost $28.4 billion, up almost 24% from 2023 levels, according to the island’s Gaming Inspection and Coordination Bureau.
Macau is the only legalized casino jurisdiction in China. The world’s largest gaming market exceeded government estimates that had predicted 2024 gambling revenue at almost $27 billion, but Macau casinos still remain well short of the pre-pandemic take of $36.5 billion in 2019.
In December, revenue dropped 2% – the only decline for the entire year. That drop may be attributed to the island facing added security measures during a three-day visit by Chinese President Xi Jinping to commemorate 25 years of Chinese rule.
Diversifying The Economy
Xi encouraged Macau leaders to embrace a more diversified economy, moving away from being so heavily reliant on the casino industry, which accounts for about 80% of regional tax revenue. Macau does not license online casino operators.
“At present the overall situation in Macau is stable, but the internal and external environment is undergoing profound changes,” Xi said. “Efforts should be made to promote moderate economic diversification… focus on cultivating new industries with international competitiveness.”
In October, former judge Sam Hou Fai was elected in an uncontested vote as Macau’s chief executive-designate and will be charged with carrying out these plans for the island. He became the island’s first leader born on mainland China.
“Sam has promised to accelerate the current government’s plan to boost tourism and other sectors such as traditional Chinese medicine, finance, exhibitions and commerce,” the Associated Press reported. “However, the city will still need to rely on the gambling industry for government revenues to support the city’s welfare and accomplish other goals laid out by Beijing, analysts say.”
Some of his plans call for improving the island’s overall business climate and supporting small businesses. That could include using public funds to stimulate business sectors outside of gaming.
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