Gambling revenue in Macau reached 15,570 million patacas (1,810 million euros) in May, 365.9% more than in the same month of 2022, the authorities announced Thursday.
The amount collected by casinos in May, which included the five days of the so-called Golden Week on May 1, one of mainland China’s tourist peaks, was the highest since January 2020, according to official data from the Inspection Directorate. and Games Coordination. (DICJ).
Despite the recovery, the value of last month is, however, still 40% lower than that reached in May 2019: 25,950 million patacas (three billion euros).
Between January and May, the gaming industry’s revenue grew 172.9% in the first five months of the year, compared with the same period in 2022, the government department also revealed.
The 172.9% year-over-year increase is the highest since the DICJ began publishing monthly statistics on gambling revenue in 2009.
In the first five months of the year, casinos recorded revenue of 64.9 billion patacas (7.54 billion euros), the best start to the year since the start of the pandemic.
Macao, which like mainland China followed the ‘covid zero’ policy, announced in December the cancellation of most prevention and containment measures, after almost three years of strict restrictions.
With the easing of the measures, the city registered more than 7.2 million visitors in the first four months of the year, an increase of 190.8% in annual terms, and the hotel occupancy rate was 76.2%, the highest value since the start of the pandemic.
The gaming industry, which accounted for 53.5% of Macao’s gross domestic product (GDP) in 2019, still employed nearly 68,000 people at the end of 2022, or about 18.8% of the workforce.
Macao’s dealers have racked up record losses since 2020 and the government has been forced to draw on the extraordinary reserve to respond to the crisis, as around 80% of government revenue came from gambling taxes.
However, two of the operators, MGM China and Galaxy Entertainment Group, announced a return to profit in the first quarter of this year.
Macau, the gambling capital of the world, is the only place in China where casino gaming is legal. Six concessionaires operate in the territory, MGM, Galaxy, Venetian, Melco, Wynn and SJM, which renewed the concession contract for the next ten years on December 16 and which entered into force on January 1.
The authorities demanded in the public bidding the bet for non-recreational elements and foreign visitors, with the hope of diversifying the economy of the territory.
Source: TSF
