From depths to heights: Macao’s casinos have best month of 2023 in July

Macao casinos had their best month of 2023, one year after having their worst month of 2022.

Macao’s Gaming Inspection and Coordination Bureau on Tuesday reported gross gaming revenue of $2.075 billion (U.S), the most won in the special administrative region since January 2020.

By comparison, the state of Nevada last week reported gaming win of $1.246 billion in June.

It was a stark contrast — a 4,082.9 percent difference — from July 2022 when casinos won just $49.6 million and most casinos were closed the majority of the month because of COVID-19 restrictions imposed by the Chinese central government.

Macao’s revenue figures are important to three Las Vegas-based gaming companies — Macao’s market leader, Las Vegas Sands Corp., Wynn Resorts Ltd., and MGM Resorts International.

Companies operating in Macao usually generate more than half their revenue from that market.

Sands has doubled down on its investments in Macao, and in the company’s July 19 second-quarter earnings call, executives said they will keep investing in the Chinese enclave.

“In Macao, we were pleased to see the ongoing recovery now underway in all gaming and nongaming segments progress during the quarter,” Sands Chairman and CEO Rob Goldstein said during a conference call with investors. “We remain deeply enthusiastic about the opportunity to continue our investments to enhance Macao’s tourism appeal to travelers from throughout the region, including to foreign visitors to Macao.”

Wynn and MGM, which each have two resorts in the Macao market, are expected to deliver their second-quarter results later this month.

For the seven months of 2023, Macao’s 39 casinos have generated $12.053 billion, a 263 percent increase from the first seven months of 2022. In Nevada, 453 casinos statewide won $15.106 billion from gamblers in the 2022-23 fiscal year that ended June 30.

The Review-Journal is owned by the Adelson family, including Dr. Miriam Adelson, majority shareholder of Las Vegas Sands Corp., and Las Vegas Sands President and COO Patrick Dumont.

Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on Twitter.