Macau's gross gaming revenue (GGR) for July reached MOP18.59 billion ($2.31 billion), marking an 11.6% increase year-on-year and a 5% rise compared to the previous month.
However, the figures, reported by Macau's Gaming Inspection and Coordination Bureau (DICJ), reflect a near-24% decline from the same month in 2019, prior to the COVID pandemic.
July's GGR is the fourth-highest monthly total for Macau this year, following May's peak of MOP20.18 billion ($2.5 billion). Earlier in the year, March recorded MOP19.5 billion ($2.42 billion) and January MOP19.33 billion ($2.4 billion).
The recent monthly uptick suggests a potential for stronger performance in the third quarter of 2024, despite traditionally lower results in June. However, the fourth quarter, boosted by October's Golden Week, is expected to see even stronger numbers.
For the first seven months of 2024, Macau's total GGR amounted to approximately MOP132.34 billion ($16.44 billion), an increase of 36.7% year-on-year. Despite this growth, the figure remains about 24% lower compared to the same period in 2019.
The July GGR figures were consistent with a revised forecast by JP Morgan Securities Asia Pacific, which had initially predicted around MOP19 billion ($2.36 billion) for the month, later adjusting this due to a slower start in July. Figures were still up from the GGR for June, which stood at MOP17.69 billion ($2.2 billion), the lowest monthly figure for the year.
The Macau government has projected full-year GGR to reach MOP216 billion ($27 billion), while some analysts, including those at Seaport Research Partners, estimate it could climb as high as MOP231 billion ($29 billion). With more than 61% of the government's forecast already achieved, the gaming sector in Macau shows signs of steady recovery and potential for continued growth.
