Macau’s gross gaming revenue (GGR) in 2024 reached MOP226.78 billion (€27.2 billion), a 23.9 percent increase from 2023. Speaking exclusively with SiGMA News, Mary Mendoza, managing director of Macau-based boutique consulting group The Platinum said the recovery has been “largely fuelled by a revival in tourism, particularly from mainland China,” and a strategic shift towards mass-market and premium-mass gaming.
“Macau experienced remarkable growth in its GGR in 2024,” Mendoza said, while noting that revenues remain below pre-pandemic levels. “I anticipate that this upward trend will persist, with further GGR growth expected in 2025. This recovery has been largely fuelled by a revival in tourism, particularly from mainland China.”
“Additionally, the emphasis on mass-market and premium-mass gamblers, along with enhanced diversified non-gaming amenities, has significantly contributed to attracting a wider array of visitors. Nevertheless, it is crucial to recognise that, despite this encouraging growth, GGR remains below the levels seen before the pandemic,” she said.
The pivot from a junket-driven VIP gaming model to mass-market and premium-mass focus has stabilised Macau’s gaming industry. Mendoza called this transition a “strategic success,” adding, “It has helped stabilise Macau’s gaming revenue by tapping into a larger pool of potential gamblers and reducing the volatility associated with VIP gaming.” This strategy aligns with the broader recovery in China’s travel sector and has positioned Macau for more sustainable growth.
Casino operators are enhancing their appeal through non-gaming amenities and technological innovations. Mendoza highlighted the importance of these efforts, stating, “Investments in technology are improving customer experiences and efficiency, while partnerships with international brands and events diversify revenue streams.” These measures not only attract diverse visitor segments but also align with calls from Chinese President Xi Jinping to prioritise economic diversification beyond casinos.
“As a consultant and casino market advisor, the importance of marketing strategies targeting both mass-market and premium mass segments is crucial. Casino operators are enhancing non-gaming amenities like entertainment and retail to attract more diverse visitors,” Mendoza said.
Macau’s visitor arrivals in 2024 exceeded expectations, with approximately 35 million tourists driving the city’s recovery. Mendoza emphasised that China’s economic policies, including travel stimulus measures, are critical. “A strong economy can boost consumer confidence and spending, leading to increased visitation and gaming revenue,” Mendoza explained.
Forecasts suggest Macau’s GGR could grow to MOP240 billion (€28.8 billion) in 2025, supported by mass-market strategies and continued economic recovery. Mendoza underscored the importance of targeting nearby regions with a “propensity to play” and addressing external economic challenges.
“We must keep in mind that foreign visitation is an important target for both the tourism office of Macau and the casino operators, hence targeting the nearby region with propensity to play is crucial,” she added.
“This balanced approach will drive growth in 2025 and beyond.”
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