Fueled by Lunar New Year’s Golden Week, gross gaming revenue in Macau during February this year reached MOP$18.5 billion, which is roughly US$2.3 billion.
Increased gaming income:
Macau managed to record 1.36m tourist arrivals throughout the 2024 Chinese New Year Golden Week, while the average hotel occupancy rate was 95.2% and the average number of visitors per day was 169.725. In addition, the big number of arrivals also fueled gaming income.
Relatedly, gross gaming income (GGR) during February grew by 79% year-over-year, with total GGR of MOP$18.5 billion, which is approximately US$2.3 billion. This GGR represents the 4th highest in one month from January 2020, the year when GGR reached MOP$22.1 billion, which is roughly US$2.8 billion, according to figures unveiled by the Gaming Control and Adjustment Bureau (DICJ).
But last month’s income was still reportedly 27.1% lower than what was collected in February of 2019, which was MOP$25.4 billion, which is roughly US$3.2 billion. Also, for the period of the first two months, GGR reached MOP$37.8 billion, which is roughly US$4.7bln, showing an entire year run rate of MOP$227 billion, which is roughly US$28.4 billion, seasonally adjusted.
Furthermore, investment banking company JP Morgan revealed that throughout the eight-day Lunar New Year Golden Week, the average gross gaming income per day likely exceeded a 4-year high of nearly MOP$1bln, which is roughly US$124m, according to Inside Asian Gaming.
As for the full-year 2023, GGR managed to reach a MOP$183 billion, (approx. US$22.3 billion), which activated an automatic 20% growth in contracted investment in initiatives that aren’t related to gaming by six Macau casino concessionaires from this year forward.
Proposed illegal gambling law revision:
In other news, the Legislative Assembly of Macau recently contemplated revising a bill that is connected to non-legal gambling activities in the region. The proposal supposedly involves a number of larger fines for offenders, in addition to tougher prison sentences and measures such as deportation or a ban from on entry into Macau.
The draft bill filed by the Executive suggests a number of fines and expands the maximum sentence for non-legal gambling from 3 to 8 years. In addition, the review also looks at money-lending activities to provide for tougher penalties if they are used to finance non-legal gambling.
Furthermore, the said draft is in-line with the Government’s plan to minimize the engagement and involvement in such activities and expand pre-trial detentions. Also, the Government would foist either cumulative or isolated penalties on those guilty of the crime.
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