Macau's gaming industry revenues are expected to grow by 5% in the fourth quarter of 2024, according to China International Capital Corporation (CICC)

China International Capital Corporation (CICC) anticipates growth in Macau's gaming industry in the fourth quarter of 2024. Analysts predict that the total gross revenue will increase by 4% compared to the third quarter and by 5% year-on-year.
In its report, CICC outlines several key factors that will drive positive momentum for Macau's gambling sector. Firstly, an expected rise in the yuan's value against the Hong Kong dollar is likely to attract more visitors and enhance their purchasing power. Secondly, analysts foresee a boost in consumer confidence during the fourth quarter, spurred by economic stimulus measures previously announced by the Chinese government. Thirdly, non-gaming events scheduled for the final quarter of 2024, such as a concert by Hong Kong star Andy Lau, are expected to act as a catalyst for growth.
The report also notes that the industry may face some challenges during the winter months, particularly around the celebrations for the 25th anniversary of Macau's establishment. December 20 is a public holiday in the region, and events may be attended by Chinese leader Xi Jinping, leading to a series of travel restrictions in Macau.
Overall, CICC's forecasts align with the expectations of local authorities, who anticipate a busy schedule of events in the fourth quarter, particularly during the Christmas holiday season, which traditionally marks the peak of tourist activity.
In June, local officials set a target of welcoming 33 million visitors in 2024, representing an increase of nearly 17% compared to 2023. This forecast takes into account the Chinese government's expansion of the list of cities whose residents are eligible for the Individual Visit Scheme (IVS) to Macau.
Regarding gaming operators, CICC analysts highlighted the successes of Galaxy Entertainment and Wynn Macau, recommending the purchase of shares in these companies.
It is worth noting that from January to September 2024, Macau's gaming tax revenue reached 66.4 billion patacas.