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Macau gambling revenue slips to eight-month low in June

| By Robert Fletcher
Revenue from casinos in Macau amounted to MOP17.69bn (£1.74bn/€2.04bn/$2.20bn) in June, the lowest monthly total since November of last year.
Macau June

The June figure is 16.4% ahead of MOP15.21bn in the same month last year. However, this is the lowest growth rate Macau has reported so far in 2024.

June’s total is also 14.1% behind the MOP20.19bn reported in May. Incidentally, May’s figure was the largest monthly total since before the pandemic, including the Labour Day Golden Week holiday which traditionally leads to a spike in visitation.

June, according to analysts, is traditionally the weakest month for gaming in Macau. However there was still a consensus that revenue would rise at least 17.5% year-on-year for the month.

Covid-19 safety measures significantly impacted gaming revenue in Macau throughout the pandemic, with visitors unable to get into the Special Administrative Region. However, since these were removed in January 2023, the market has recovered rapidly, reporting regular double-digit monthly growth.

As for year to date, total revenue in Macau for the first six months of 2024 is MOP113.75bn. This is 41.9% more than at the same point in 2023 (MOP80.14bn).

How are the main players performing?

Later this month, the leading casino operators in Macau will begin reporting their H1 results. Based on Q1 performance, there is likely to be strong growth reported from concessionaires such as Las Vegas Sands, Melco, SJM and Wynn.

Las Vegas Sands reported a solid first quarter, with revenue jumping 39.6% to US$2.96bn in Q1. Of this total, $1.81bn came from operations in Macau, an increase of 41.6% from last year.

Elsewhere, SJM Holdings, which operates exclusively in the Macau market, saw Q1 revenue rise 73.0% to HK$6.90bn. Melco Resorts & Entertainment also reported a revenue increase for Q1, with its total up 55.2% to $1.11bn. Each of Melco’s Macau properties grew revenue in the period, with City of Dreams the most successful on $550.9m.

Also in the Macau market, China revenue at MGM Resorts International hit an all-time high of $1.06bn in Q1. Group revenue for the quarter also jumped 13.2% to a record $4.83bn.

In addition, Wynn Resorts posted a 30.8% rise in Q1 revenue to $1.86bn. This, it said at the time, was driven by growth in Macau. Operations in the region generated $998.6m in total revenue, or 53.6% of the group total for Q1.

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