The Chinese province of Macau has posted its figures for June 2023, showing that it generated gross gaming revenue of MOP 15.2bn ($1.89bn).
When compared to June 2022, the figure represents a behemoth 514% increase – with 2022 totalling MOP2.4bn.
For the year so far, Macau is significantly up on 2022, with MOP 80.1bn taken in across the first six months of the year – representing a 205% increase.
Macau’s recovery has been massively boosted by the end of China’s long-standing zero-Covid Policy in January, which came after widespread demonstrations and protests by the Chinese citizens across the country.
The effect of the policy took a harsh toll on Macau, with footfall dropping to record lows and causing revenue to collapse at every casino in the region.
However, now, Macau’s figures – while not at the same level as they were pre-pandemic (yet) – are once again surging ahead of those posted by Las Vegas, with Vegas posting $1.16bn for May 2023 against Macau’s $1.92bn for the same month.
Furthermore, in Macau, the University of Macau’s Department of Economics research team revised its macroeconomic predictions for the economic growth of the gambling province.
The GDP growth is expected to be 47%, estimating a range from a more pessimistic 32.5% to a more optimistic 61.6%.
Meanwhile, employment rates currently sit at 2.6%, with unemployment of those residing in Macau at 3.3%.
Gambling is a significant part of the province’s economic makeup, having a major impact on GDP and employment rates across Macau.
