Macau's gaming revenue reached record levels in the fourth quarter of 2024

Macau's gaming sector continues to demonstrate resilience. According to an investment report from JP Morgan, the fourth quarter of 2024 recorded the highest gross gaming revenue (GGR) in the past five years, with a 6% increase compared to the same period last year.
JP Morgan analysts note that the performance across various segments underscores stability. GGR in the mass market sector rose by 5% from the previous quarter, reaching a record level that exceeds pre-pandemic figures by 11%.
Meanwhile, revenues in the VIP segment remained unchanged, still accounting for about 20% of pre-pandemic levels. These results are considered "commendable," especially in light of ongoing macroeconomic challenges and the disruptions caused by President Xi Jinping's visit to Macau.
The report also highlights an expected growth in EBITDA for the industry of 2-3% compared to the previous quarter. However, there will be variations among operators, with MGM and Galaxy anticipated to emerge as the primary leaders in Macau. This year, both companies have significantly increased their market shares, with MGM capturing 15.6% of the overall gaming business and Galaxy holding 19.7%.
JP Morgan analysts believe that the industry will generally exhibit steady EBITDA growth, although Galaxy is projected to be an exception, with an expected increase of 8% from the previous quarter.
Looking ahead, an overall increase in gaming revenue (GGR) of 4% is anticipated in the first half of 2025 compared to last year. JP Morgan maintains its forecast for a 5% revenue increase for the entire year of 2025.
Meanwhile, Macau's economy is experiencing robust GDP and GNI growth, driven by record increases in gaming revenue.