Macau 2024 GGR by month
Source: Gaming Inspection and Coordination Bureau of Macau (DICJ)
In both 2023 and 2024, October was the highest earning month in Macau, making MOP 19.5bn ($2.41bn) in 2023 and MOP 20.8bn ($2.57bn) in 2024 – the latter being the only time in two years that revenue exceeded MOP 20bn. This spike has been put down to local festivities that annually increase tourism levels to Macau.
December 2024 marks the first time in two years that monthly gross gaming revenue (GGR) in Macau declined year-on-year, down 2% to MOP 18.2bn.
Indeed, the second half of the year saw year-on-year growth slow down compared to early in the year. From June onwards, growth did not exceed 20%, while in January and February, GGR was up over 60%. This suggests a market that may now be settling following explosive post-Covid recovery – but not reaching post-Covid levels.
Macau vs Nevada monthly revenue change (%), 2023 vs 2024
Source: DICJ & Nevada Gaming Control Board (NGCB)
Aside from an instance in October, Macau’s year-on-year revenue growth in the second half of the year remained around the 15% mark. Nevada, meanwhile, experienced both increases and decreases in year-on-year revenue, peaking at growth of 3.3% and declining as much as 6.9% in July.
Interestingly, in October, Macau made $2.57bn, on account of the month hosting the Mid-Autumn Festival, making it popular among tourists. Yet this month saw minimal growth compared to others in the sample, suggesting consistency in earnings unlike other months.
July was the second-highest earning month for Nevada in the sample, just behind September. However, it faced the sharpest decline of the months in the sample. This suggests a Nevada that is struggling in peak months – a potential concern for the US gambling capital.
December marks not only the first time in two years that Macau's gaming revenue has declined, but the first time during the six-month period that Vegas has outperformed Macau in terms of growth.
Nevada gaming revenue by month ($m)
Source: NGCB
Using June and November as a sample, we can see a general trend in the revenue generated by gaming in Nevada month-on-month. Pre-Covid, revenue was just shy of $1bn, reaching $967.2m in November 2019. However, some pre-Covid months saw revenue exceed $1bn, including October 2018 and December 2019, when both hit revenue of $1.06bn.
Post-Covid recovery was immediate in Nevada –unlike Macau, which is still yet to see revenue levels reach those recorded pre-Covid – with both June and November recording revenue of over $1bn.
November 2024’s revenue was $4.6m lower than 2021, making $1.32bn. However, June revenue from the same period was up 7.8%, totalling $1.29bn. As this graph shows, the last four years have shown continuous inconsistency, with year-on-year growth on a monthly basis hard to predict.
Nevada monthly gaming revenue, 2021 - 2024 ($m)
Source: NGCB
Trends across the past four years show interesting statistics about growth and declines in monthly revenue. While some months show linear growth, such as September, and others show slight increases and decreases monthly, such as June and October, other months have seen more drastic jumps in revenue year-on-year, including July and November.
November 2023 saw the introduction of the Las Vegas Grand Prix, which coincides with the highest November revenue in the four-year sample and, indeed, the highest November revenue on record, at $1.37bn. Despite this, December 2023 revenue outperformed November, reaching $1.43bn.
Despite fluctuations year-on-year, there are clear trends month-on-month. Revenue seems to peak in July and November – the peak of summer and just before Christmas – while August, directly after a peak month like July, faces on average the lowest revenue of the sample.
Macau vs Nevada monthly gaming revenue ($bn)
Source: DICJ & NGCB
*Conversions from MOP may vary from time of writing
On average, between June – November 2024, Macau earned $1.04bn more per month than Nevada.
In October, Macau revenue almost doubled that of Nevada, making $2.57bn to Nevada’s $1.29bn. This is on account of the month being a particularly lucrative one for the territory, while being an average earning month for the Silver State.
Between September and October 2024, Macau’s monthly GGR rose 20.1%. Meanwhile, the largest month-on-month increase in the six-month period in Nevada was between August and September, with revenue up 12.9%.
Monthly online sports betting handle by state ($m)
Source: Regulator sites
New York proves itself to be the leading state in terms of online sports betting, outperforming both Pennsylvania and Michigan in terms of handle. Indeed, even when combined, these two states’ sports betting handle would not reach that reported by New York.
Interestingly, New York also shows less volatility in month-on-month revenue on a percentile level, despite the higher value difference between months. There is a 45.6% decrease between the highest-earning (October) and lowest-earning (July) months, while for Pennsylvania and Michigan, this difference is 55.8% and 61.5% respectively.
However, all three show the same trend, with a lull in wagers during the summer months and a spike between August and September. Interestingly, while New York’s peak sports wagering month is October, it is November for Pennsylvania and Michigan.
Monthly sports betting revenue by state ($m)
Source: Regulator sites
While New York outperformed both New Jersey and Ohio month-on-month, all three show similar inclines and declines in monthly revenue. These results include both online revenue and retail revenue where applicable.
November is the month of the NBA, Breeders’ Cup and Las Vegas Grand Prix, making it a particularly high wagering month. September also shows a spike in revenue across the board, likely due to the NFL, Italian Grand Prix and other popular sporting events.
October shows an instance of Ohio outperforming New Jersey, making $81.1m to New Jersey’s $77.5m. The two seem to be performing at relatively close levels across the sample, particularly in the fourth quarter of the year.
