Macau’s Revenue Sees Major Growth in March 2024
Macau’s casino revenue grew significantly in March, beating expectations with a 53% rise from the previous year to reach 19.5 billion Patacas ($2.4 billion).
This was significantly more than the predicted 49% increase and it was roughly 75% of the revenue levels seen in March 2019 before the Covid-19 pandemic. Despite the increase and a general uptick in visitors to Macau, its economic rebound is showing signs of slowing down, especially as China’s economic growth begins to wane.
LISTEN TO THIS ARTICLE:The highest revenue since the pandemic was recorded in December, at 81% of 2019’s levels, but it has since dropped, with February’s revenue falling to 73% of the pre-pandemic figures.
Related: Macau Casinos Earning $77M a Day in March
Easter Boosts March Revenue
The increase at the end of March was helped by the four-day Easter holiday in Hong Kong, which is just a short ferry ride away. Additionally, the upcoming Ching Ming Festival in April is expected to further boost visitor numbers from both Hong Kong and mainland China. Macau saw 3.29 million visitors in February, reaching 93% of its 2019 visitor levels.
After a lower-than-expected revenue report in February, analysts had reduced their growth prediction for March from 53% to 49%. This reduction came despite an increase in tourist numbers, indicating a drop in spending per visitor due to lower consumer confidence.
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Battling Beijing's Increased Costs
Morgan Stanley has said in a note that most casinos in the Macau gambling market are experiencing higher costs than in 2019, mainly due to investments in non-gaming activities. This shift comes as Beijing pushes for a diversified economy in Macau, focusing on leisure, tourism, and other sectors beyond gambling.
With rising costs and slower growth, casinos face challenges in maintaining profitability, especially as they compete for high-value customers.
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