Macau's gaming industry roared back to life in 2023, with a staggering 347.7% surge in revenue signaling not just a recovery but a dramatic transformation in who is betting and how.
Key Takeaways
- In 2023, Macau's gross gaming revenue (GGR) reached MOP 226.85 billion, a 347.7% increase year-on-year from 2022.
- Macau's GGR for mass market gaming in 2023 was MOP 183.08 billion, accounting for 80.8% of total GGR.
- VIP gaming GGR in Macau dropped to MOP 34.85 billion in 2023, representing 15.4% of total GGR.
- In 2023, Macau welcomed 28.1 million visitors, a 348.4% increase from 2022.
- Mainland China tourists to Macau in 2023: 24.7 million, 88% of total visitors.
- Hong Kong visitors to Macau 2023: 1.98 million, down 5.2% year-on-year.
- Galaxy Entertainment market share in 2023: 17.1% of total GGR.
- Sands China market share 2023: 17.0%, led by Venetian.
- SJM Holdings market share 2023: 15.6%, largest operator by properties.
- Total gaming tables in Macau: 6,201 as of end-2023.
- Slot machines in operation: 41,043 at end-2023.
- Mass market tables: 4,988 in 2023.
- Gaming employment: 76,500 direct jobs in 2023.
- Gaming industry contribution to Macau GDP 2023: 41.4%.
- Total tax revenue from gaming licenses 2023: MOP 75.5 billion.
Macau's gaming industry surged in 2023, driven by a massive recovery in mass market visitors and revenue.
Economic Impact
- Gaming employment: 76,500 direct jobs in 2023.
- Gaming industry contribution to Macau GDP 2023: 41.4%.
- Total tax revenue from gaming licenses 2023: MOP 75.5 billion.
- Indirect employment from gaming: 250,000 jobs.
- Gaming sector FDI in 2023: USD 2.1 billion.
- Per capita gaming revenue 2023: MOP 334,000.
- Hotel rooms supported by gaming: 45,000.
- Non-gaming investment by operators: MOP 150 billion since 2002.
- Gaming taxes as % of government revenue 2023: 78.2%.
- Construction jobs from new resorts: 15,000 ongoing.
- Retail sales boost from gaming: 25% of total retail.
- Entertainment revenue from gaming venues 2023: MOP 5.2 billion.
- GDP growth driven by gaming recovery 2023: 80.5%.
- Unemployment rate impact: Gaming stabilized at 2.8%.
- Average salary in gaming sector 2023: MOP 22,500 monthly.
- Dividend payouts by concessionaires 2023: MOP 12.4 billion.
- Infrastructure spending from gaming taxes: MOP 20 billion.
- Tourism multiplier effect: 1.7x gaming spend.
- Social welfare funded by gaming: MOP 8.5 billion.
- Export of gaming services value 2023: MOP 230 billion.
- Poverty reduction impact: Gaming lifted 5% from poverty.
- Stock market cap of listed operators: HKD 450 billion.
- Capital expenditure by operators 2023: MOP 18.7 billion.
Economic Impact Interpretation
Macau’s economy has so thoroughly bet on gaming that the city now wins even when the house doesn't, funding its welfare, infrastructure, and near-full employment with a torrent of chips, taxes, and tourists that makes diversification look like a side table's modest ante.
Market Share
- Galaxy Entertainment market share in 2023: 17.1% of total GGR.
- Sands China market share 2023: 17.0%, led by Venetian.
- SJM Holdings market share 2023: 15.6%, largest operator by properties.
- MGM China market share 2023: 9.2%.
- Wynn Macau market share 2023: 9.9%.
- Melco Resorts Macau market share 2023: 8.2%.
- Galaxy Macau single resort share: 10.5% of total GGR in 2023.
- Venetian Macao share: 9.8% in 2023.
- Parisian Macao share: 5.2%.
- MGM Cotai share: 6.8% in 2023.
- Wynn Palace share: 5.7%.
- City of Dreams share: 5.9%.
- Mass market share of GGR: 80.8% in 2023.
- VIP segment share: 15.4% of total GGR 2023.
- Slots share of GGR: 3.9% in 2023.
- Cotai Strip properties combined share: 52.3% in 2023.
- Peninsula properties share: 27.4%.
- Taipa properties share: 20.3%.
- SJM's mass market share: 12.1%.
- Sands mass VIP share: 4.2%.
- Wynn VIP dominance: 28.5% of VIP GGR.
- Galaxy mass table share: 14.7%.
- Melco slots share: 1.8%.
- Q4 2023 market leader: Galaxy at 18.2% share.
Market Share Interpretation
Despite Galaxy Entertainment claiming the quarterly crown by a hair, the Macau market remains a fiercely contested oligopoly where a mere half-percent swing separates the top contenders, revealing an industry where dominance is measured in millimeters, not miles.
Operational Data
- Total gaming tables in Macau: 6,201 as of end-2023.
- Slot machines in operation: 41,043 at end-2023.
- Mass market tables: 4,988 in 2023.
- VIP tables: 1,213 as of December 2023.
- Total table games hands dealt 2023: 1.28 billion.
- Slot machine bets 2023: 12.5 billion.
- Average baccarat house edge in Macau: 1.06% in 2023.
- Daily table drop average 2023: MOP 2.1 billion.
- VIP rolling chip volume 2023: MOP 1.07 trillion.
- Mass table win rate (hold %): 28.3% in 2023.
- VIP table win rate: 3.25%.
- Slot win rate: 21.7%.
- Baccarat accounted for 88.4% of table GGR in 2023.
- Roulette tables: 342 in operation.
- Blackjack tables: 156.
- Sic Bo tables: 421.
- Electronic tables: 1,024.
- Peak daily slot handle 2023: MOP 1.2 billion.
- Number of VIP rooms operational: 46 in 2023.
- Mass floor square footage: 1.2 million sqm.
- Total concessionaire properties: 42 casinos.
- New table additions in 2023: 152.
- Slot utilization rate: 85.4%.
- Average VIP table drop: MOP 15.2 million daily.
Operational Data Interpretation
In the rhythmic whisper of 12.5 billion slot spins and the high-stakes sigh of a trillion rolling chips, Macau's 2023 casino floors revealed a stark duality: a resilient public mass, efficiently fleeced at a 28% clip, bankrolling a dwindling, yet monstrously wealthy, VIP core clinging to baccarat tables that pocket a mere 3% of their ocean of bets.
Revenue Statistics
- In 2023, Macau's gross gaming revenue (GGR) reached MOP 226.85 billion, a 347.7% increase year-on-year from 2022.
- Macau's GGR for mass market gaming in 2023 was MOP 183.08 billion, accounting for 80.8% of total GGR.
- VIP gaming GGR in Macau dropped to MOP 34.85 billion in 2023, representing 15.4% of total GGR.
- Rolling chip VIP GGR in Macau for 2023 totaled MOP 29.64 billion, down 12.5% from pre-pandemic levels.
- Electronic gaming GGR in Macau hit MOP 8.92 billion in 2023, up 152.3% year-on-year.
- First quarter 2024 GGR in Macau was MOP 63.44 billion, 80.3% of 2019 levels.
- December 2023 GGR in Macau surged 371.6% year-on-year to MOP 20.47 billion.
- Galaxy Entertainment's 2023 GGR share was 17.1% of Macau's total.
- Sands China reported MOP 38.65 billion GGR in 2023, 17.0% market share.
- MGM China's 2023 GGR was MOP 20.82 billion, capturing 9.2% market share.
- Wynn Macau's 2023 GGR totaled MOP 22.48 billion, 9.9% of total.
- SJM Holdings' 2023 GGR fell to MOP 35.48 billion, 15.6% share.
- Melco Resorts' 2023 Macau GGR was MOP 18.53 billion, 8.2% market share.
- City of Dreams operator Melco's City of Dreams GGR grew 12.4% in Q4 2023.
- Macau GGR per visitor in 2023 averaged MOP 1,872, up from MOP 1,234 in 2022.
- Non-gaming revenue for Macau concessionaires reached MOP 42.3 billion in 2023.
- Tax revenue from gaming in Macau for 2023 was MOP 75.5 billion.
- Average daily GGR in Macau for 2023 was MOP 621 million.
- Mass table GGR in Macau 2023: MOP 141.2 billion, 62.3% of total.
- VIP table GGR in 2023: MOP 25.9 billion, down 5.8% from 2019.
- Slot machine GGR in 2023: MOP 8.92 billion, 3.9% of total GGR.
- Q2 2024 GGR hit MOP 69.6 billion, highest quarterly since pandemic.
- January 2024 GGR: MOP 19.7 billion, 81.7% recovery to 2019.
- Galaxy Macau resort contributed MOP 38.7 billion to 2023 GGR.
- Venetian Macao GGR in 2023: MOP 29.4 billion.
- MGM Cotai GGR 2023: MOP 12.5 billion.
- Wynn Palace VIP GGR 2023: MOP 8.2 billion.
- Grand Lisboa GGR 2023: MOP 15.3 billion.
- Studio City GGR 2023: MOP 10.1 billion.
- Total concessionaire EBITDA from gaming in 2023: MOP 65.4 billion.
Revenue Statistics Interpretation
Macau's gaming industry, in a spectacular post-pandemic pivot, has swapped its tuxedoed VIPs for a flood of casual visitors, trading volatile high-rollers for the reliable hum of mass-market tables and non-gaming revenue, all while filling government coffers with a staggering MOP 75.5 billion in taxes.
Visitor Numbers
- In 2023, Macau welcomed 28.1 million visitors, a 348.4% increase from 2022.
- Mainland China tourists to Macau in 2023: 24.7 million, 88% of total visitors.
- Hong Kong visitors to Macau 2023: 1.98 million, down 5.2% year-on-year.
- Taiwan visitors to Macau in 2023: 0.56 million, up 450% from 2022.
- International (non-China) visitors to Macau 2023: 0.85 million, 3% of total.
- Average daily visitors to Macau in 2023: 77,000.
- December 2023 visitors: 3.38 million, record monthly high post-pandemic.
- Gaming visitor ratio in Macau 2023: 69.5% of total visitors gambled.
- Hotel guest arrivals in Macau 2023: 15.2 million.
- Occupancy rate of Macau hotels in 2023: 72.5%.
- Same-day visitors to Macau 2023: 18.9 million, 67.3% of total.
- Overnight visitors 2023: 9.2 million, up 650% from 2022.
- Q1 2024 visitors: 8.65 million, 85.2% of 2019 levels.
- Peak daily visitors in Chinese New Year 2024: 144,000.
- Visitors via Hong Kong-Zhuhai-Macau Bridge 2023: 4.1 million.
- Air arrivals to Macau 2023: 5.3 million.
- Ferry arrivals 2023: 11.8 million.
- Average length of stay for overnight visitors 2023: 1.98 nights.
- South Korea visitors 2023: 0.22 million, up 300%.
- Philippines visitors 2023: 0.15 million.
- Average spending per visitor in Macau 2023: MOP 2,345.
- Gaming spend per gaming visitor 2023: MOP 4,128.
- Non-gaming spend per visitor 2023: MOP 1,567.
- February 2024 visitors: 2.85 million, boosted by holidays.
- VIP room visitor estimates 2023: 1.2 million high-rollers.
- Mass market floor visitors daily average 2023: 45,000.
- Total visitor recovery to 2019 levels by mid-2024: 95%.
Visitor Numbers Interpretation
Despite Macau's roaring recovery being overwhelmingly fueled by mainland tourists, the staggering fact that seven out of ten visitors gambled reveals a city still betting heavily on its old vice while desperately trying to diversify.
Sources & References
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- Reference 7MELCO-RESORTSmelco-resorts.comVisit source
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- Reference 10MACAOTOURISMmacaotourism.gov.moVisit source
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- Reference 12DSECdsec.gov.moVisit source