Gambling News
Macau Casinos Win $2.4B, Government Claims Gaming Crimes Down
In January 2024, Macau casinos announced gross gaming revenue (GGR) of MOP19.33 billion (US$2.4 billion), a 67% increase year over year and 4.1% higher than December's GGR.
The Chinese gaming haven of Macau had its second-best month since COVID-19 thanks to a robust start to the new year. The six casino operators received more gaming revenue in October of last year than they did in January.
Prior to the coronavirus, January saw the world's richest gaming business maintain a positive pandemic recovery trend. In its first year of recovery, Macau casino revenue reached almost 63% of the market's 2019 level. That comes after the contentious "zero-COVID" policy that China President Xi Jinping abandoned in late 2022.
According to analyst projections, the recovery will last until 2024. This year, Macau casino revenue is expected to recover to roughly 80% of pre-COVID levels, according to Morgan Stanley researchers.
The casino industry operates in a very different environment in Macau these days. Gone are the days when junket companies would frequently bring in high rollers from the mainland. That came after Macau was ordered by the Chinese government to examine the tour operators more closely.
Alvin Chau, the former head of Suncity Group, was sentenced to eighteen years in jail for money laundering, fraud, and gambling violations. Most junket groups folded business after that.
Serious Crimes Drop
This week saw the release of Macau's Judiciary Police's 2023 report on enclave crime.
According to the filing, there were 2,717 gaming-related criminal cases last year, an increase of 182%. The surge was anticipated since in 2022, zero-COVID prevented Macau and China from returning to their usual lives.
Naturally, crime resumed in 2023, the year China and its two Special Administrative Regions (SARs) reopened and Chinese citizens were allowed to travel freely throughout the nation. Law enforcement in Macau, however, claims that compared to 2019, there were a lot fewer offenses.
"The gaming industry in Macau is developing healthily in the right direction, and serious crimes such as illegal gambling and money laundering through gaming operations have basically disappeared,” said Judiciary Police Commissioner Sit Chong Meng.
Casino-related crimes were decreased by 50% in 2019, according to Sit. Around 11,000 money transfers between criminal connections were also detected by the police. More than 2,000 gang members were successfully convicted by law enforcement, and they are no longer permitted to join the casinos in the enclave.
Gains in Stocks
The profitable gaming revenue report for January brought profits to stockholders. On Thursday, the stock prices of SJM Resorts, MGM Resorts, Wynn Resorts, Melco Resorts, Galaxy Entertainment, and Las Vegas Sands all saw increases.
Regarding GGR, analysts are upbeat about February. The majority of Chinese workers are entitled to eight days of paid time off from February 10—the official new year date—through February 17. In 2024, the Chinese Lunar New Year falls in February.
Macau's casinos are seeing good bookings for the 2024 New Year holiday, dubbed the "Year of the Dragon." During the holidays, the majority of the Cotai Strip's upscale casino resorts are either completely booked or have very limited availability. A hotel room at a five-star casino often costs close to $400 per night.
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