Based from a report by the Gaming Inspection and Coordination Bureau (DICJ), the gross gaming revenue (GGR) of casinos in Macau have increased by more than 4,000% in July from the previous year to MOP16.7 billion ($2.1 billion).
July's total result was also up 9.6% compared to the GGR posted in June, which stood at MOP15.207 billion ($1.88 billion). The accumulated revenue stands at MOP96.79 billion ($12.05 billion), up 263% year-over-year.
The latest figures represent around 68% of pre-pandemic levels, driven by a spike in tourism levels during the summer vacation. In early July, the hotel occupancy rate reached 89% and is expected to still hover around this level during the vacation season, according to the head of the city's tourism office Maria Helena de Senna Fernandes.
The year-over-year growth from MOP398 million ($49.5 million) in 2022 to MOP16.7 billion ($2.1 billion) in July 2023 is because of the fact that Macau was in lockdown and casinos stopped operations for almost two weeks in July 2022 due to a Covid-19 outbreak.
A Bloomberg survey estimates that Macau gaming revenue for the entire year is likely to return to 62% of the pre-pandemic level. Gambling income generated from the mass tourist sector, the most important indicator of casino profits, is expected to reach nearly 90% of the pre-Covid levels this year.
For the year 2023, the government has set a target of MOP130 billion ($16.19 billion) in GGR. However, many analysts believe Macau is capable of generating as high as MOP168 billion ($20.92 billion). Analyst believe that nearly MOP60 billion ($7.47 billion) in gaming taxes will be collected in 2023.
Source:
https://www.yogonet.com/international/news/2023/08/01/68134-macau-casinos-report-best-month-since-covid-with-21b-revenue-in-july-driven-by-high-tourism-levels
