During this year’s Golden Week holiday, Macau’s gaming industry surpassed all expectations, achieving daily gaming revenues averaging over MOP1 billion in the first six days. This outstanding performance nearly matched 2019 levels and surpassed 2023 figures by an impressive 30%.
Analysts reported that the total gross gaming revenue (GGR) for the period from Oct. 1 to 6 reached MOP6.5 billion, with a daily average of MOP1.08 billion. JP Morgan analysts DS Kim, Mufan Shi, and Selina Li noted that these numbers far exceeded market expectations of MOP850 million to MOP900 million per day, marking the highest run-rate since the 2019 October Golden Week.
The exceptional results were propelled by both the mass and VIP segments, with mass GGR hitting up to 140% of pre-pandemic levels and VIP reaching up to 35%. Additionally, per capita spending witnessed a notable increase of around 25% compared to pre-pandemic levels.
Citigroup also celebrated a record-breaking performance in Macau’s casino sector during the recent Golden Week holiday. George Choi and Timothy Chau highlighted a surge in premium mass wagers and player numbers, signaling a highly successful period for the market.
Their latest survey revealed a total wager of HKD27.2 million, an 81% increase over the same period last year and 18% higher than during the Chinese New Year in February. The number of premium mass players reached a record high of 966, a 90% year-on-year increase, albeit with a slight drop in the wager per player to HK28,150.
Premium mass table utilization peaked at around 52%, the highest since Citi began tracking these statistics. The analysts credited this robust performance to a “recently announced policy combo from the Chinese government,” which they believe has further fueled gaming enthusiasm among players.
Citi also identified a record number of 62 high-rollers during Golden Week, marking an 88% year-on-year increase and a 51% rise compared to Chinese New Year. Galaxy Macau notably stood out in the survey, capturing 29% of the total observed wagers, partly due to the popular Andy Lau concerts at the Galaxy Arena from Oct. 3 to 6.
Vitaly Umansky from Seaport Research Partners hailed the Golden Week as a “test case for Macau’s resilience,” emphasizing that not only did the industry pass the test, but it also generated revenue that far exceeded expectations during the holiday period.
Umansky maintained his GGR forecast for October at MOP21.5 billion, predicting a 10.3% year-on-year increase and a 24.6% month-on-month rise. Looking ahead, he anticipates November and December to follow historical trends, with December potentially slightly weaker due to an anticipated brief visit from General Secretary Xi. Overall, the industry seems poised for recovery, with Q4 GGR forecasted to reach MOP59.9 billion, up 10.6% year-on-year and 7.6% quarter-on-quarter. Victoria Chan
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