Macau November Gambling Revenue Hits 435% Rise Year-on-Year
LISTEN TO THIS ARTICLE:In November, Macau operators recorded a total gambling revenue of MOP$16.04bn (US$2.0bn), up 435% compared to the MOP$3.00bn generated in November last year.
The revenue also represents the fourth-highest monthly total so far in 2023. However, it was a decrease of 17.7% to $19.50bn in October 2023. It’s worth noting that Macau experienced its highest monthly total in October since the onset of the pandemic.
The consistent year-over-year growth in Macau’s gambling market can be attributed to the removal of all COVID-19-related restrictions. Last year, casinos were temporarily closed in the area, and movement was also restricted, which negatively impacted gambling revenues in the region. However, following China’s shift from the "zero-COVID" strategy, Macau lifted most of its pandemic-related travel and quarantine restrictions.
Positive Q3 Results for Melco
Melco Resorts & Entertainment, the parent company of several integrated brick-and-mortar casinos in Macau, saw a significant increase in revenue due to the relaxation of restrictions in the region. The operator reported a 320.6% surge in revenue, reaching $.102bn in Q3, with the casino accounting for the growth at $812.1m.
Regarding property performance, City of Dreams in Macau took the lead with revenue of $506.2m. Studio City generated $277.7m, Altria Macau achieved $24.2m in revenue, while Mocha and other locations in the region contributed an additional $30.1m to the total revenue
Melco recorded a group net loss of $16.3m in Q3, significantly down from $243.8m in the same period in 2022. The operator also achieved $280.6m in positive adjusted EBITDA for the quarter, marking a notable improvement compared to the $34.9m loss reported in Q3 last year.
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