Macau's gambling revenue reached 18.4 billion patacas (US$2.3 billion) in November 2024, achieving 80.4% of its prepandemic November 2019 performance. This 14.9% year-over-year increase exceeded analyst expectations of 13% growth.

The November figure follows October's impressive $2.6 billion win, which marked the highest revenue since January 2020. While November showed an expected 11.5% month-to-month decline due to fewer mainland holidays, the addition of an extra weekend day helped boost overall performance.

Year-to-date gambling revenue stands at $26 billion, representing a 26.8% increase from 2023 and reaching 77% of 2019's pre-pandemic levels. Analysts project December revenue to hit approximately $2.45 billion, or 86% of December 2019 figures.

Significant changes are reshaping Macau's gaming landscape. Incoming chief executive Sam Hou Fai, who takes office December 20, plans to reduce the region's casino tax dependency by promoting economic diversification through non-gaming investments.

Recent policy changes signal positive momentum for the industry:

• China continues providing economic stimulus payments to residents
• New immigration policies starting January 2025 will allow Hengqin residents unlimited access to Macau
• Zhuhai residents will be permitted weekly visits
• These changes aim to strengthen South China and Pearl River Delta economies

The region has largely moved away from VIP junket operations following Beijing's crackdown, exemplified by the 18-year imprisonment of former Suncity leader Alvin Chau. This shift represents Macau's evolving gaming market, which now focuses more on mass-market consumers rather than high-roller clientele.

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