written and last updated by
Sam Smith at
01 Nov 2024
Journalist, Editorial Department
In October, Macau's gaming operators reported a gross gaming revenue (GGR) of 20.8 billion patacas (approximately $2.52 billion), marking the highest figure since the onset of the COVID-19 pandemic. This success is attributed to record attendance at casinos during the "Golden Week" celebrations at the beginning of the month.
According to the Gaming Inspection and Coordination Bureau (DICJ), October's GGR represents a 6.6% increase compared to the same period last year and is 20% higher than September's figure of 17.3 billion patacas (around $2.1 billion). Additionally, this new GGR surpasses the previous record of 20.2 billion patacas (approximately $2.45 billion) set in May 2024.
For the first ten months of 2024, Macau's GGR totaled 190.1 billion patacas (about $23 billion), already exceeding the total revenue collected throughout 2023 by 28.1%.
This impressive monthly figure was achieved as 993,117 visitors flocked to Macau during the "Golden Week" celebrations, a 1.9% increase compared to 2019. Hotel occupancy rates during this period averaged 94.5%, peaking at 98.5% on October 3 and 4.
Earlier, analysts from China International Capital Corporation (CICC) had projected a 4% increase in GGR for Macau's gaming industry compared to the previous quarter. They also noted a steady market growth in the week following the holiday period, prompting many analysts to revise their revenue forecasts upward.
Macau's tourism authorities anticipate that the region will welcome 33 million visitors in 2024, nearly a 17% increase from 2023. This forecast is based on the Chinese government's addition of ten more cities to its Individual Visit Scheme (IVS).
In related news, the UK government has decided against increasing taxes for the gaming industry.
