Macau’s casinos recorded gross gaming revenue of MOP$12.74 billion (US$1.58 billion) in March as the city’s recovery from the COVID-19 pandemic continues.
According to information from the Gaming Inspection and Coordination Bureau (DICJ), the March total was 247% higher than March 2022 when Macau’s GGR was MOP$3.67 billion (US$454 million).
The total was also higher than both February’s GGR total of MOP$10.32 billion (US$1.28 billion) and the January total of MOP$11.58 billion (US$1.43 billion), making it the highest monthly tally since January 2020.
For the first three months of 2023 combined, Macau’s GGR is up 94.9% year-on-year to MOP$34.64 billion (US$4.29 billion).
The change in fortunes for Macau’s casinos comes after the government announced the scrapping of almost all COVID-19 border restrictions as of 8 January 2023, including the removal of testing requirements for visitors from mainland China, Hong Kong and Taiwan. It also disposed of its mandatory hotel quarantine for foreign tourists, who currently need only provide a negative COVID test upon arrival.
Ferry and bus services between Macau and Hong Kong also resumed for the first time in almost three years.
Investment bank Morgan Stanley said in a recent note that it has raised its 2023 GGR and EBITDA estimates for Macau’s casino operators by 42% and 70% respectively, citing better product mix and higher margins as Chinese customers return following the easing of border restrictions.
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