Macau Casino Revenue Hits $28.3B in 2024, Shows 24% Growth in Post-COVID Recovery
Macau's casino industry generated MOP226.8 billion (US$28.3 billion) in gross gaming revenue (GGR) during 2024, marking a 24% increase from 2023 and continuing its post-pandemic recovery.
The six licensed operators—Sands, Galaxy, SJM, MGM, Melco, and Wynn—successfully adapted to new market conditions following China's lifting of "zero-COVID" restrictions in late 2022.
Tampa skyline with bridge at sunset
December 2024 saw GGR of MOP18.2 billion (US$2.27 billion), representing the only year-over-year decline in 2024, despite Chinese President Xi Jinping's visit to inaugurate new chief executive Sam Hou Fai.
The industry's transformation from VIP-focused to mass-market operations came after Beijing's crackdown on junket operators, notably the 18-year imprisonment of Suncity boss Alvin Chau. This regulatory shift pushed casinos to invest heavily in non-gaming amenities to attract general tourists and premium mass players.
The 2024 GGR reached 77.5% of 2019's pre-pandemic levels. Morgan Stanley projects continued growth, forecasting:
- 2025: US$30 billion
- 2026: US$31.2 billion
Future performance will largely depend on China's economic conditions, with Vanguard analysts predicting slower GDP growth in 2025 due to housing market challenges, supply-demand imbalances, and global trade developments.
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