Macau: Decline in VIP baccarat behind 2Q24 GGR slowdown
Jul 17, 2024 8:58:10 GMT -5
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Post by Blitz on Jul 17, 2024 8:58:10 GMT -5
Further decline in VIP baccarat behind 2Q24 slowdown in Macau gaming revenues
Ben Blaschke - Wed 17 Jul 2024 at 08:53
www.asgam.com/index.php/2024/07/17/further-decline-in-vip-baccarat-behind-2q24-slowdown-in-macau-gaming-revenues/
Macau’s gaming industry generated total revenues of MOP$56.6 billion (US$7.03 billion) in the three months to 30 June 2024, slightly down on the MOP$57.5 billion (US$7.15 billion) generated in the March quarter due to a further decline in VIP baccarat, according to latest DICJ figures.
Having clawed back some market share in Q1, VIP baccarat saw revenues fall by 7.4% quarter-on-quarter to MOP$13.3 billion (US$1.65 billion) with market share also dropping from 25.0% to 23.5% for the quarter. To put the decline in VIP into perspective, VIP baccarat enjoyed 46.1% market share in 2019 – prior to the government’s crackdown on the Macau junket industry.
As reported by IAG, the number of licensed junkets in Macau has been halved to just 18 in 2024, down from 36 last year and from a high of 235 in 2013. The Macau government has also updated its junket law, with each junket now only permitted to work with one concessionaire, unable to operate their own VIP rooms within casinos and not permitted to engage in revenue share agreements with operators.
By comparison, mass baccarat revenue grew very slightly to MOP$34.6 billion (US$4.30 billion) in Q2 according to the DICJ but also saw market share improve from 60.2% to 61.2% sequentially.
Total industry revenue through the first six months of 2024 has reached MOP$114.1 billion (US$14.2 billion), the DICJ said, including MOP$69.2 billion (US$8.60 billion) from mass baccarat and MOP$27.7 billion (US$3.44 billion) from VIP baccarat.
Ben Blaschke - Wed 17 Jul 2024 at 08:53
www.asgam.com/index.php/2024/07/17/further-decline-in-vip-baccarat-behind-2q24-slowdown-in-macau-gaming-revenues/
Macau’s gaming industry generated total revenues of MOP$56.6 billion (US$7.03 billion) in the three months to 30 June 2024, slightly down on the MOP$57.5 billion (US$7.15 billion) generated in the March quarter due to a further decline in VIP baccarat, according to latest DICJ figures.
Having clawed back some market share in Q1, VIP baccarat saw revenues fall by 7.4% quarter-on-quarter to MOP$13.3 billion (US$1.65 billion) with market share also dropping from 25.0% to 23.5% for the quarter. To put the decline in VIP into perspective, VIP baccarat enjoyed 46.1% market share in 2019 – prior to the government’s crackdown on the Macau junket industry.
As reported by IAG, the number of licensed junkets in Macau has been halved to just 18 in 2024, down from 36 last year and from a high of 235 in 2013. The Macau government has also updated its junket law, with each junket now only permitted to work with one concessionaire, unable to operate their own VIP rooms within casinos and not permitted to engage in revenue share agreements with operators.
By comparison, mass baccarat revenue grew very slightly to MOP$34.6 billion (US$4.30 billion) in Q2 according to the DICJ but also saw market share improve from 60.2% to 61.2% sequentially.
Total industry revenue through the first six months of 2024 has reached MOP$114.1 billion (US$14.2 billion), the DICJ said, including MOP$69.2 billion (US$8.60 billion) from mass baccarat and MOP$27.7 billion (US$3.44 billion) from VIP baccarat.
