Macau Baccarat GGR Grows 68% in Q1 2024

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Recently published government data showed that the gross gaming revenue GGR from VIP baccarat in Macau surged by 68% year-on-year in the first quarter of this year.

According to Macau’s regulator, the Gaming Inspection and Coordination Bureau, or DICJ, the VIP growth in the first quarter aligns with the 69% year-on-year growth in the mass-segment baccarat GGR.

The VIP baccarat GGR in Q1 was just under MOP14.38 billion ($1.78 billion), up from MOP8.57 billion ($1.06 billion) the prior year. Revenue from VIP baccarat accounted for 25% of all casino GGR in the first quarter of this year.

The total GGR for Macau casinos in the first quarter of 2024 reached MOP57.33 billion ($7.11 billion), which includes revenue from other gaming activities such as horse racing and lottery. The overall market GGR for the same period was slightly higher at MOP57.5 billion ($7.13 billion).

Official data released earlier this month showed that GGR from slot machines in the first quarter amounted to nearly MOP3.22 billion ($399 million), a 31.5% increase from MOP2.48 billion ($304 million) in the first quarter of 2023.

The number of live gaming tables in the Macau market remained steady at 6,000 in the first quarter of this year, unchanged from the previous year. Similarly, the number of slot machines stayed at 12,000 in the first quarter compared to 2023.

In these statistics, online baccarat is not included, but if you’re interested in playing online, check out our recommended online baccarat sites.

Q1 GGR Approaches Pre-COVID Levels

In relation to the GGR results, investment bank Goldman Sachs commented that the first quarter GGR increased by 6% from the previous quarter, “outpacing historical seasonality driven by ongoing visitation recovery”.

Analysts noted that after an 11% growth from quarter to quarter in the fourth quarter of 2023, the growth in Macau’s GGR slowed to 6% sequentially in the first quarter of 2024, achieving 75% of the levels seen before the COVID-19 pandemic.

“Looking back in history, we note that 1Q GGR tended to be fairly steady quarter-to-quarter with fewer travelers post the CNY holidays. The stronger momentum this year was driven by further cyclical recovery in Macau’s daily visitation from 86-95k in 4Q23 to 92-114k in Jan-Feb, almost fully back to pre-COVID19 levels.”

Discussions with casino operators and industry participants indicate that the mass-market GGR, particularly led by the premium mass segment, showed resilience. However, the VIP GGR may have been affected by a lower win rate in February.

“Against the slowdown in luxury spending in China, Macau’s tenant sales held up well, although non-gaming revenue of select operators may have retreated due to seasonality and accounting treatment.”

Growth for MGM, Wynn and SJM

Goldman Sachs highlighted that MGM, Wynn, and SJM increased their GGR market shares at the expense of Sands, Melco, and Galaxy. This shift aligns with earlier indications from MGM China during its Q4 2023 results call in February, in which it was noted that MGM’s GGR market share jumped from 16.3% in Q4 2023 to 20% in January, boosted by the Bruno Mars concert.

However, MGM’s share normalized to between 15.5% and 16% in February and March, yet it still managed to grow its GGR share by 0.7% quarter-to-quarter, achieving a 17% share in the first quarter of this year. Similarly, Wynn Macau’s share grew by 0.4% quarter-to-quarter, reaching 14%, indicating that the GGR recovery has been more premium-led than by grind mass so far this year, a segment to which MGM and Wynn are particularly exposed.

Additionally, Goldman Sachs noted that SJM has seen improved performance following the implementation of its “One SJM” strategy, gaining an additional 0.4% of GGR share to reach 12.5%. This was achieved by effectively using the spare hotel rooms at Grand Lisboa Palace to accommodate players from its other casinos.

Caroline Richardson
Caroline Richardson Read Bio
Hi all, I’m Caroline. I’m based in Boston, Massachusetts, with my husband and our three noisy and inquisitive kids. I began my career in journalism, working for several Boston-based....
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