Macau: January revenue falls for the second consecutive month

GGR dropped by 5.6% year-over-year for the month of January, representing a similar downward trajectory to recent figures from Nevada.

Figures released by the Gaming Inspection and Coordination Bureau Macau have highlighted a revenue fall year-over-year of 5.6% for the month of January, with the jurisdiction reporting a total gross gaming revenue (GGR) figure of MOP 18.25bn.  

This marks Macau’s second consecutive monthly report highlighting a revenue decrease, following on from its December 2024 monthly financial report which revealed the region’s first year-over-year fall in growth since 2022.  

Despite this drop at the end of the calendar year, 2024 was still a highly lucrative year for Macanese gaming, as the region’s accumulated GGR revenue reached MOP 226.8bn – up 24% from 2023. 

Prior to December’s drop, November’s results highlighted a GGR rise of 14.9% year-over-year to MOP 18.4bn. During the month prior, Macau reported its strongest monthly GGR figure of the year, with October 2024 revenue reaching MOP 20.79bn.  

Regarding these latest results, revenue has increased marginally month-over-month, with January’s figures representing a 0.3% rise in comparison to December. Indeed, Macau’s road to full recovery from the pandemic began with the reopening of the region’s casinos back in August of 2022.  

Since then, the jurisdiction has gone from strength-to-strength and, theoretically, this sudden slowdown in growth could simply represent Macau’s full recovery from the pandemic period.   

Macau vs Nevada 

Macau is one of the two largest gambling hubs in the world, the other being Nevada and, of course, Las Vegas. 

Indeed, as evidenced in the graph above, Macau boasts GGR figures that consistently outpace that of Nevada’s, due to a number of factors. As can also be seen above, Macau’s GGR in the final three months of 2024 has taken on a slight downward trajectory, with Nevada’s continuing to gradually rise month-over-month.  

This, however, does not tell the full story – as Nevada’s October 2024 and November 2024 revenue results represent year-over-year declines of 2.2% and 4.2%, respectively. These declines are akin to the rate at which growth has also slowed in Macau in recent months, with the region’s December 2024 and January 2025 revenue figures highlighting respective year-over-year decreases of 2% and 5.6%.  

Therefore, it is evidenced that Macau’s GGR figures continue to fluctuate month-over-month, while more recently seeing declines year-over-year. Nevada, on the other hand, has seen a consistent rise month-over-month but is, however, also observing recent declines year-over-year.

Good to know: During Q4 2024, Macau’s new CEO Sam Hou Fai was voted in by a landslide 

Shortly after, Macau passed a new illegal gaming law with stricter regulations. Then, in December, a number of new governmental appointments were announced by Sam Hou Fai, who is the first Chief Executive of Macau born in mainland China.  

Also in December, two preseason games at the Venetian Macau were announced between the Brooklyn Nets and Phoenix Suns – as part of a new deal between the NBA and Sands China. More recently, a Macanese investor has emerged as a major stakeholder in Star Entertainment amid the company’s financial struggles.  

Will Underwood

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