Macau, known for its bustling casino industry, experienced a significant drop in gambling revenue in June 2024. The total revenue for the month amounted to $2.21 billion, the lowest since November 2023. This figure represents a 16.4% increase from the previous year but is 14.1% lower than the revenue reported in May 2024.
The decline in revenue for June comes after a strong performance in May, which was boosted by the Labour Day Golden Week holiday. Analysts had predicted a year-on-year increase of at least 17.5%, but June has traditionally been a slower month for gaming in Macau.
Since the lifting of COVID-19 restrictions in January 2023, Macau’s gaming market has been on a path to recovery, with regular double-digit monthly growth. However, strict travel restrictions due to the pandemic had a significant impact on the industry.
For the first half of 2024, Macau’s total casino revenue reached MOP113.75 billion, showing a 41.9% increase from the same period in 2023. Despite this growth, the revenue is still 23.9% lower than the figures reported in the first half of 2019, before the pandemic.
Several factors influenced the revenue performance in June. The month only had one public holiday, the Dragon Boat Festival, and events like the Euro 2024 football matches may have diverted attention away from the casinos. Investment banks also noted typical seasonal trends as contributing factors to the revenue decline.
Major casino operators in Macau are expected to report robust growth in their first half-year results. Companies like Las Vegas Sands, SJM Holdings, Melco Resorts & Entertainment, MGM Resorts International, and Wynn Resorts have all shown positive revenue increases in the first quarter of 2024.
Despite the challenges and volatility in the region’s gaming market, there is optimism about continued recovery and growth in the latter half of the year. As the industry awaits the release of the H1 results from leading casino operators, the focus remains on sustaining the positive momentum seen in recent months.
