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Macau continues to see a resurgence in visitor numbers as the region recovers from the COVID-19 pandemic. Credit research specialist CreditSights reports a steady increase in the amount of money wagered per visitor, now approaching 93% of pre-pandemic levels. Analyst David Bussey highlighted that the Gross Gaming Revenue (GGR) spend per visitor for January-May 2024 reached $841, a significant recovery from the $805 recorded during the same period in 2023.
Bussey noted the year-on-year growth, emphasizing that despite the favorable results, Macau has not yet surpassed its pre-pandemic heights. For instance, the 2019 GGR spend per visitor was $920. However, Bussey is optimistic that improved transportation and increased visitation will drive further short-term growth.
CreditSights also pointed out that enhancements to travel frameworks are likely to sustain a steady flow of tourists from mainland China. The shift from a 7-day to a 14-day stay for multiple-entry business visas and the facilitation of tours between Hengqin and Macau within a week are expected to benefit the industry significantly.
Despite its popularity among international tourists, Macau relies heavily on visitors from China, who account for over two-thirds of all tourists. Consequently, the relaxed travel restrictions for Chinese nationals are anticipated to significantly boost the gaming economy.
Bussey expressed confidence in Macau’s ongoing recovery, predicting that the region’s annual GGR will surpass government forecasts. While Macau anticipates a GGR of about $26.8 billion for 2024, it had already exceeded $14.2 billion by June. CreditSights’ more optimistic projections suggest that GGR could reach $29.1 billion or more, marking a 28% year-on-year increase.