Key stats
– Revenue grows by 686% year-on-year
– However, it is still down 29% on August 2019
Macau’s revenue has risen by a huge 686% year-on-year – totalling an overall MOP 17.21bn ($2.12bn) – as casinos in the gambling hub continue to recover from the damaging effects of China’s zero-Covid policy – which was officially dropped at the start of 2023.
The graph below shows Macau’s percentage growth in the last four months compared to the same period last year. What can be seen is massive growth compared to the doldrums of 2022, with July 2023 reporting a gargantuan 4,083% annual increase, as people flood back into Macau.
In terms of its total for the whole year so far, Macau’s revenue is up by 295% – with year-to-date figure up to August 2023 of MOP 114bn compared to the same period in 2022’s MOP 28.9bn sum.
Comparing Macau’s revenue for 2023 against Nevada’s July 2023 figures, in which the US state recorded an all-time record of $1.4bn, Macau is still comfortably ahead by circa $700m.
However, the real comparison comes when looking at Macau’s yearly performance in 2019. The Chinese region still hasn’t recovered fully from the pre-Covid era, when it posted MOP 24.26bn in revenue.
So, while it may be 686% up on August 2022, Macau is still 29% down on August 2019. Whether or not it will see a full recovery remains to be seen, as it may steadily grow back to its previous might.
However, the questions of the lasting damage that Covid has had still remain – especially as places such as Singapore are now hotter gambling destinations for VIPs that were once singularly destined for Macau, combined with the weakened influence of junkets.
