Macau’s gaming space ended 2023 with significant momentum as the region reported gross gaming revenue of $22.7bn, a staggering annual increase of 334 per cent.
It underlines the sector’s continued recovery as the region opens up and expands after a challenging spell following the pandemic exponentially limiting business.
As a result of the numbers, a stipulation has been triggered which will mean that the six major operators in the region will have to raise their spending on non-gaming investments by 20 per cent.
With the sector continuing to adapt, it is anticipated that during 2024 the numbers will stabilise, however, it indicates the space is heading to a state of normality and steady growth.
The numbers were bolstered by a bright end to the year, specifically when it comes to the overall uplift of Tourism and global output for Macau.
Furthermore, the results are even more impressive given they come at a time when the wider Chinese gambling market has endured a slower period in the same year.
According to reports, the tourism boost of the gaming sector far eclipsed that of any other Chinese industry, as the local statistics bureau, DSEC, emphasised the country enjoyed a year of economic growth in the third quarter of 2023.
In a recent comment from Las Vegas Sands, the group’s Chair and CEO, Robert Goldstein, emphasised his optimism for market growth as the firm continues to expand across Asia.
“We are staunch believers in the growth of the Macao market near and long term,” Goldstein commented on LVS’ latest earnings call.
“LVS has invested $15bn in Macao, which is the most important land-based market in the world. A few reference points to consider, third quarter EBITDA represents strong growth compared to previous quarters, as I mentioned. Our retail business in Macao has far exceeded pre-COVID numbers.”
