Macau’s November Gaming Revenue Reflects Slowing Growth Amid Year-to-Date Increase
The Macau Gaming Inspection and Coordination Bureau (DICJ) reported November GGR of MOP 18.4 billion ($2.3 billion), up 14.9% year-on-year. Year-to-date GGR is up 26.8% compared to 2022, but November’s numbers show a slowdown in monthly growth as the year goes on.
November in Perspective
November’s GGR is one of the lower monthly numbers for 2023, with only June and September reporting lower numbers of MOP 17.7 billion and MOP 17.3 billion respectively. October was the highest of the year with MOP 20.8 billion, largely due to the National Golden Week holiday in China which always brings more tourists and gaming activity to Macau.
Compared to October, November’s revenue was down 11.5% due to the seasonal adjustment after the holiday.
Year-to-Date Growth
Year-to-date GGR is MOP 208.6 billion, up 26.8% compared to 2022. But growth has been slowing down throughout the year. January, February and March were up 67%, 79.1% and 53.1% respectively. Since June, monthly growth has not exceeded 20%.
The year-to-date growth rate was 72.7% in February and now 26.8% in November, so the trend is normalizing after the pandemic rebound.
Operators’ Results
In November, several Macau operators released their Q3 results which were in line with the region’s overall growth.
- Galaxy Entertainment: up 11% year-on-year to HK$10.7 billion ($1.36 billion)
- Melco Resorts: $1.18 billion, up 16% year-on-year
- $335.5 million (up 26.8%)
November’s data underscores a gradual normalization of growth in Macau’s gaming sector as it recovers from pandemic-related disruptions. While year-on-year increases continue, the slowing momentum indicates that the post-recovery surge seen earlier in 2023 may be stabilizing. This normalization will likely set the stage for steadier, more predictable growth in the coming year.
