March 4, 2024 2 min read


Macau Casinos Report $2.3B in GGR as Post-COVID Recovery Continues

While the region has continuously demonstrated recovery in the aftermath of the pandemic, it failed to meet market analysts’ expectations in February

Macau published information about the performance of its gambling industry in February, highlighting its continued recovery. While the special administrative region is yet to publish its official tourism results, the GGR figures suggest that the tourism sector continues to grow.

Macau’s gambling industry was previously impeded by the COVID-19 pandemic and China’s zero-COVID policy. For a while, figures hard struck rock bottom, sparking doubts about the future of the region.

While the region has continuously demonstrated recovery in the aftermath of the pandemic, it failed to meet market analysts’ expectations in February. To elaborate, the February results represented a year-on-year decline but a month-on-month decrease from January.

The MOM decline is somewhat surprising considering the strong results recorded during the Chinese New Year holiday week (February 10-17). Unfortunately, the performance during the holiday was not strong enough to offset the suboptimal period after February 17.

Macau’s gaming industry posted a GGR of MOP $18.49 billion (approximately $2.3 billion) for February, representing a significant 79.1% year-on-year increase. As mentioned, this figure also represents a 4.4% decline from January.

For reference, JP Morgan Securities analysts had expected February GGR in the range of MOP $19-20 billion. They also expected GGR to skyrocket during the holidays. 

Macau’s Recovery Heralds Rebounding for Casino Companies

While Macau’s recovery might not be as spectacular as some had expected, the renewed influx of customers has benefitted the local operators, which previously struggled with losses. Galaxy Entertainment Group, for example, just posted its Q4 results, demonstrating very favorable financials, underpinned by the special administrative region’s recovery.

Melco Resorts’ shares, on the other hand, were just named among Morningstar’s top 10 stocks trading under $10. This highlights the agency’s trust in the company’s business, as well as its potential for growth in Macau and beyond.

In other news, the Macau government recently proposed new rules that would clamp down on crimes related to illegal gambling. The measure envisions 5-10 years of expulsion for non-native residents who are found guilty of involvement in illegal gambling operations. Those supporting such illicit operations financially risk a penalty of between one and eight years.


Although Fiona doesn't have a long-spanning background within the gambling industry, she is an incredibly skilled journalist who has built a strong interest in the constantly growing iGaming network. The team at is glad to have her on our roster to help deliver the best stories as soon as they hit. Aside from writing, she loves to dabble in online casino games such as slots and roulette, both for her own enjoyment and also as research to better improve her understanding of the industry.

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