Macau's casino industry generated MOP226.8 billion (US$28.3 billion) in gross gaming revenue (GGR) during 2024, marking a 24% increase from 2023 and continuing its post-pandemic recovery.

The six licensed operators - Sands, Galaxy, SJM, MGM, Melco, and Wynn - saw consistent growth throughout most of the year, with December being the only month showing a year-over-year decline at MOP18.2 billion (US$2.27 billion).

This recovery reflects Macau's successful pivot from VIP-focused gaming to mass market operations, following Chinese President Xi Jinping's regulatory crackdown on junket operators. The shift came after Xi identified the outflow of cash through Macau as a national security concern, leading to increased scrutiny of junket groups and the high-profile conviction of Suncity boss Alvin Chau.

The 2024 GGR represents 77.5% of 2019's pre-pandemic levels. Morgan Stanley projects continued growth, forecasting approximately $30 billion in 2025 and $31.2 billion in 2026, though these figures remain dependent on China's economic performance.

Casinos are now investing heavily in non-gaming attractions to diversify their appeal and attract a broader visitor base. However, analysts at Vanguard predict China's GDP growth will slow in 2025 due to various challenges, including housing market issues and global trade developments, which could impact Macau's gaming revenue.

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