Macau Hits the Jackpot: Gaming Taxes Revenue Up 35% to $11 Billion in 2024
Casino Activity Also Benefited Employment and Wages as Both Are Up
Macau Rolls High
Macau isn’t bluffing when it comes to gambling! Asia’s casino king is back in the money after raking in a massive MOP88.13 billion (US$11 billion) from gaming taxes in 2024. That’s a whopping 35% jump from 2023’s MOP65.3 billion, beating the government’s already optimistic estimates by 5.4%.
While the government continues to push for diversification away from gambling due to pressure from China, casinos are still the big dogs, accounting for 80.5% of Macau’s total tax revenue of MOP109.5 billion ($13.7 billion).
Currently, the gambling scene is run by six concessionaires, which include three of the biggest hitters in Las Vegas:
- MGM China
- Las Vegas Sands
- Wynn Resorts
It’s not just the revenue for the government’s coffers as employment and wages also went up, so casino workers were dealt a winning hand.
Grand Lisboa, Macau 🇲🇴😍🇨🇳👏🏻
It is a 48-storey, 258-metre (846 ft) tall hotel located in Macau. Its casino and restaurants opened on 11 February 2007, while the hotel opened in December 2008. #China #Asia #Macau #Hotel #Architecture pic.twitter.com/55G30jJ4Oz
— Discovering China (@DiscoverChina_) January 31, 2025
February’s Fortune
If January had cash casino operators feeling they had rolled snake eyes, February gave them a much-needed ace. Gross Gaming Revenue (GGR) bounced back, hitting MOP19.74 billion ($2.46 billion), a 6.8% year-on-year increase and a relief to industry insiders.
After a 5.6% dip during Chinese New Year, February’s upswing is a good sign that the premium mass market is placing bets again in Macau.
The combined figures for January and February were MOP38 billion ($4.74 billion), up 0.5%. Experts also feel that this momentum will help Macau meet the government’s 2025 annual GGR target of MOP240 billion.
Workforce Wins
In another ace for Macau’s casino industry, employment numbers made casino news headlines, after reaching almost 53,000 full-time workers. That’s a 2.3% increase from the previous year.
Salaries also went up, with average monthly pay reaching MOP26,890 ($3,360). Casino dealers, who make up about half of all gaming employees, got paid MOP21,470 ($2,683) on average, a 2.9% increase due to salary adjustments and increased working hours.
The industry also reduced job vacancies to just 253 by year-end, a sign of improved employee retention and a low turnover rate of 1.5%.
Doubling Down on International Play
What’s different? Well, in a move straight out of a high-stakes poker playbook, Macau’s government introduced new gambling regulations with sweeteners, giving gaming operators rebates up to 5% for bringing in international players.
This clever side-bet saw international visitation numbers jump by 66% year-on-year, proving the government’s strategy to diversify the visitor pool works.
But, like any good bet, industry insiders are watching this play, questioning its long-term viability with the global economy still in flux and online casinos a constant threat.
GM Macau 🇲🇴 I’ll see you all soon in HongKong.
I just turn $100 to $1000 in casino. I took profit and left. 🥰 Sharing my luck to you! pic.twitter.com/HblbKyj56i
— Yummy (@yummmycrypotato) February 18, 2025
Optimism Mixed With Caution
Despite riding the high of recent wins, Macau has some cautious voices within the industry.
Fitch Ratings projects a more modest 6.9% GDP growth in 2025, down from 2024’s 8.8% surge. And while Macau’s gaming revenue is impressive, the idea of declining VIP play (still 41% behind pre-pandemic levels) is a big risk to growth.
China’s president, Xi Jinping, recently called for greater economic diversification, so the government is under pressure to address these vulnerabilities. This means Macau’s reliance on betting casinos is a big bet itself.
Making the Big Bucks
The Macau gaming industry is currently worth over $30 billion. If you visit the Cotai Strip, you’ll see why it’s home to the world’s biggest casino: The Venetian. Currently, Macau is expecting 35 million visitors in 2025 as part of China’s plan to diversify with non-gaming attractions like museums, concerts, and high-tech experiences.
The largest casino in the world, Macau, China. pic.twitter.com/N4RHYjWjH2
— know (@Know) February 10, 2017
As Macau casinos balance the gaming tables of people playing blackjack for money with broader economic initiatives, the question remains: will 2025 be another big jackpot or is Macau due for a reality check?
For now, Macau is holding onto its chips and betting big on both casino revenues and new sectors to keep the prosperity going.
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