Daily Asia Gaming eBrief: Macau 1Q24 GGR sees VIP return in droves

Wednesday 17th of April 2024

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Good Morning. The sport of whale watching is never abandoned in Macau, as evidenced by the results from the first quarter of the year, published by the region's gaming watchdog. VIP play improved nearly 70 percent yearly, with analysts noting that MGM, Wynn and SJM all took bigger pieces of the pie. Meanwhile, Thailand simmers as a group of agencies is now tasked to review a report on setting up the nation's entertainment (*cough* casino) complexes. In the Philippines, Newport World Resorts smashed records in 2023, with GGR and non-gaming seeing the fruits of the group's reinvestment plans.

What you need to know

Macau's VIP baccarat GGR grew by 68 percent year-on-year in the first quarter to $1.78 billion, data from gaming regulator show.
Thai Finance Ministry designated to lead group of agencies in reviewing report on establishing entertainment complexes with casinos.
Newport World Resorts sees record-breaking year in 2023, with GGR over $600M and non-gaming revenue up 40 percent.

On the radar

SkyCIty Entertainment Group appoints Jason Walbridge as new CEO.
HK High Court orders winding up of Imperial Pacific, liquidator appointed.
Okada Manila sees 1Q24 results fall, as VIP and online trail off.
Macau confident in attracting over 30M visitors this year.
Spot Bitcoin and Ethereum ETFs get regulatory approval in Hong Kong.
Macau top official reiterates Jockey Club land not for gaming.

AGB Intelligence

MACAU

VIP rebounding, despite new post-junket era

New data show that Macau is not out of the VIP race just yet, with official figures showing that high-roller baccarat grew by nearly 70 percent year-on-year, despite the city's overall shift to a mass market model. The city's regulator indicates that overall 1Q24 gross gaming revenue hit the $1.78 billion mark, with VIP contributing about a quarter. Analysts indicate that MGM, Wynn and SJM all gained market share during the period, at the expense of Sands, Melco and Galaxy.

Newport World Resorts in pole position for non-gaming revenue: COO

Newport World Resorts’ COO, Hakan Dagtas, says that the group is in “pole position” regarding non-gaming revenue, leveraging its 3,500 hotel rooms and focusing on providing new and fresh entertainment offerings to keep guests under one roof. The group aims to provide a complete IR experience and never be “casino-only”.
Watch the interview!

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