Macau Records Highest Monthly Gaming Revenue since COVID
LISTEN TO THIS ARTICLE:Macau’s gaming industry is continuing to flourish with revenue for July reaching its peak for the year. Gaming revenue reached MOP16.66 billion ($2.07 billion), 9.6% more than June’s MOP15.20 billion and 7.1% greater than the previous high for the year in May, which was MOP15.57 billion.
Compared to the previous year’s July revenue of $398.0 million, there was an impressive increase of 4,086.4%. However, there are a number of unusual contributing factors to Macau's gambling rise.
The Impact of COVID-19 Measures
The large difference between this year’s and last year’s revenue is largely due to the temporary closure of landbased casinos in 2022 as a result of the COVID-19 pandemic.
During the period from 11 to 22 July 2022, Macau’s government shut down non-essential commercial and industrial activities. Businesses only began to reopen on 23 July, with many restrictions still in place. In contrast, this year has seen casinos operating normally. The decision to relax these rules came after widespread protests against the government’s strict “zero-Covid” policy.
Looking at the revenue for the seven months leading to the end of July, it reached MOP96.80 billion, an increase of 236.0% compared to MOP26.67 billion at the same time last year.
New Gaming Concessions in Macau
2023 has seen the introduction of new gaming licenses within Macau, beginning on January 1 and set to expire on December 31, 2032.
Seven companies applied for these concessions, including the existing operators Galaxy Entertainment Group, Las Vegas Sands, MGM Resorts International, Melco Resorts, SJM Resorts, Wynn Resorts, and newcomer Genting Malaysia.
Among these applicants, the six operators already active in Macau were chosen, which meant that Genting missed out on the opportunity.
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