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Macau, the renowned gambling hub, is making headlines once again as it almost breaks post-Covid revenue records. In January 2024, Macau raked in an astounding MOP19.3 billion in revenue, only narrowly missing the mark set by October 2023's MOP19.5 billion. This remarkable start to the year is buoyed by the anticipation of the Chinese New Year.

January's Gross Gambling Revenue (GGR) surged by a whopping 67% compared to the same month in the previous year. Additionally, it marked a 4.1% increase from December 2023. However, despite these impressive numbers, Macau's January GGR still fell 14.4% short of the MOP22.1 billion recorded in the final January before the pandemic struck.

Macau's remarkable recovery from the devastating Covid-19 lockdowns is continuing unabated. In 2023, the region witnessed a staggering 333.8% year-on-year increase in cumulative gross income, totaling MOP183.1 billion. While this is only 59.8% of the pre-pandemic figures, the growth trend since lockdown restrictions eased is projected to persist.

In early January, Fitch Ratings upgraded its outlook on SJM Holdings from "negative" to "stable" due to the sustained growth in visitation and gaming revenue in Macau. Las Vegas Sands also benefited from Macau's success, with its 2023 revenue reaching $10.4 billion, driven largely by the impressive 303.1% surge in Macau revenue to $6.6 billion.

Despite the challenging circumstances, Macau's success contrasts with the struggles faced by China, which governs the region. Notably, China's lottery ticket sales for November 2023 decreased by 2.5% year-on-year, while sports lottery sales were down 13.3% from the same month in the previous year.

While Macau's gambling industry flourishes, its horse racing sector tells a different story. The Macau Horse Racing Company has made the decision to cease offering horse racing from April 1, 2024, citing a cumulative loss of over MOP2.5 billion, limited room for growth, and the adverse effects of the pandemic. The agreement to terminate the concession for exclusive horse racing operations was signed with the government by Lei Wai Nong, the secretary for economy and finance.