{"id":312534,"date":"2024-03-01T07:53:51","date_gmt":"2024-03-01T13:53:51","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=312534"},"modified":"2024-03-01T10:45:44","modified_gmt":"2024-03-01T16:45:44","slug":"macau-casino-revenue-disappoints-february-win-totals-2-29b","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/macau-casino-revenue-disappoints-february-win-totals-2-29b\/","title":{"rendered":"Macau Casino Revenue Down, February Gaming Win Totals $2.29B"},"content":{"rendered":"

Macau casino revenue totaled MOP18.46 billion (US$2.29 billion) in February. Despite a strong Chinese New Year holiday at the region’s casinos, the only place in China where slot machines and table games are allowed, February came in short of analyst expectations.<\/p>\n

\"Macau
Macau casinos enjoyed a strong Chinese New Year in February 2024, but the holiday wasn’t enough to return gaming win to pre-pandemic 2019 levels. The six casinos won about $2.29 billion during the month. (Image: Macau SAR Government)<\/figcaption><\/figure>\n

Analysts had forecast that gross gaming revenue (GGR) would come in upwards of MOP19 billion. The six casino operators welcomed strong visitor traffic<\/a> during the month. But they risked less on the gaming machines and table games.<\/p>\n

\n

February casino win came in a tad lighter than the consensus of MOP19 billion to MOP20 billion,”<\/strong> said JP Morgan Securities Asia analysts DS Kim, Mufan Shi, and Selina Li.<\/p>\n<\/blockquote>\n

February’s $2.29 billion GGR represented a 79% increase on February 2023, when Macau was still emerging from pandemic impacts linked to China<\/a> President Xi Jinping’s “zero-COVID” policy. February represented a 4.4% decline from January, and remained 27% below February 2019, when the region’s casino generated GGR of $3.14 billion.<\/p>\n

Through the first two months of the year<\/a>, Macau casino revenue totaled $4.7 billion. Though that’s a 73% year-over-year improvement, the casino win remains 29% below the $6.24 billion the gaming resorts won in 2019 through February.<\/p>\n

Macau Makeover<\/b><\/h2>\n

The future of Macau’s gaming industry, which was the richest gaming market in the world before the pandemic — a title since taken over by Nevada — remains unpredictable.<\/p>\n

The region’s casino environment underwent great change amid the coronavirus, as VIP junkets left the region for more favorable operating climates. Junkets fled after Suncity boss Alvin Chau<\/a> was prosecuted and convicted of various gambling crimes. He was sentenced to 18 years in a Chinese prison for running one of the largest junkets.<\/p>\n

\n

As a result of far fewer high rollers being brought to the enclave to gamble in private VIP rooms, the casino giants — Sands, Galaxy, MGM, Wynn, Melco, and SJM — were forced to pivot toward the premium and mass markets. They’ve also been ordered by way of their 10-year gaming licenses issued in December 2022 to invest significantly in nongaming amenities and attractions.<\/p>\n<\/div>\n

The nongaming decree is a government directive to transform Macau from a casino-first destination to a tourism market appealing to a wider, more sustainable demographic. The six companies agreed to spend at least $13.5 billion on projects away from their gaming floors. The investment minimum was raised to nearly $18 billion after a trigger was initiated last year based on their collective 2023 GGR<\/a>.<\/p>\n

Economic Worries<\/b><\/h2>\n

The Chinese economy has experienced an uneven pandemic recovery.<\/p>\n

Manufacturing remains a paramount concern, as the industry in the People’s Republic shrunk for a fifth consecutive month in February. That’s according to the Manufacturing Purchasing Managers’ Index (PMI), which China’s National Bureau of Statistics compiles.<\/p>\n

\n

JP Morgan’s note on Macau’s February gaming performance said demand for the casino resorts subsided after the weeklong Lunar New Year festival faster than anticipated. Bloomberg<\/i> analysts raised concerns that economic headwinds could damper Macau’s gaming recovery in 2024.<\/p>\n<\/div>\n

“Slowing revenue growth signals ongoing caution among Chinese consumers, as economic headwinds, falling home prizes, and a stock market rout prompt many to rein in their spending,” the report detailed. “Beijing’s crackdown on high-rolling gamblers, who previously accounted for half of Macau\u2019s gaming revenue, means casinos have had to rely more on mass-market tourists, who are more sensitive to economic troubles.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Macau casino revenue remains far below the Chinese market’s 2019 levels. <\/p>\n","protected":false},"author":25,"featured_media":312537,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,13592],"tags":[82061,82124,13639,51,85890,84708],"acf":[],"yoast_head":"\nMacau Casino Revenue Disappoints, February Win Totals $2.29B<\/title>\n<meta name=\"description\" content=\"Macau casino revenue in February totaled US$2.29 billion. 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