Daily Asia Gaming eBrief: Macau GGR anticipates growth in 4Q24

Thursday 12th of December 2024

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Good morning. Macau's gaming sector experienced a slowdown in early December largely due to increased traffic controls before President Xi Jinping's visit. Despite this dip, the mass market GGR is performing well, at about 105 percent of pre-COVID-19 levels, with analysts anticipating growth of 3-4 percent quarter-on-quarter, and a year-on-year increase of 8.6 percent. At the same time, Macau’s outgoing Chief Executive, Ho Iat Seng, has said that “the city is no longer dominated by the gaming industry” representing 37.2 percent of the city’s GDP. Meanwhile, SJM Resorts is looking to Hengqin to expand its hotel room capacity, having decided to acquire office spaces to be reconverted into a new Lisboa brand hotel.

What you need to know

Despite a slowdown in early December, Macau's gaming sector is projected to grow by 3-4% in 4Q24, with a strong recovery in the mass market.
The city's leader Ho Iat Seng says gaming no longer dominates Macau’s economy, with tourism, culture, and the performing arts now the key growth drivers.
SJM Resorts will acquire office properties in Hengqin from the Shun Tak Group to be reconverted into a new ‘Lisboa’ mass-market brand hotel.

On the radar

Cambodia launches anti-gambling crackdown following 7-day ultimatum.
Alliance Global Group announces cash dividend payable in January 2025.
PH Senator calls on local government units to enforce POGO ban by year-end.
Australia comms regulator blocks six more illegal online gambling websites.

AGB Intelligence

MACAU

Despite the slowdown Macau Q4 GGR should still report growth

Analysts project a positive outlook for the 4Q24 in Macau, anticipating GGR growth of 3-4 percent quarter-on-quarter, and a year-on-year increase of 8.6 percent, though these figures are lower than previous quarters. Macau's gaming sector experienced a slowdown in early December, with gross gaming revenue (GGR) for the first eight days totaling MOP4.5 billion ($562 million), reflecting a 9 percent decrease from November's daily rates, largely due to increased traffic controls before President Xi Jinping's visit.

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