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BEIJING (Reuters) – Casino revenues in Macau, the world’s biggest gambling hub, soared by nearly a quarter in 2024 but still came in short of pre-pandemic levels, underlining the need for the former Portuguese colony to diversify its economy.<\/p>\n
Gaming revenue last year reached 226.8 billion patacas ($28.35 billion), up 23.9% from 2023, according to data published by the Gaming Inspection and Coordination Bureau on Wednesday.<\/p>\n
That topped the government’s estimate of 216 billion patacas, but trailed the 292.5 billion patacas logged in 2019.<\/p>\n
Notably, revenue fell 2.0% in December, the only month registering a year-on-year decline in 2024.<\/p>\n
The drop coincided with tighter security surrounding a three-day visit by Chinese President Xi Jinping to mark a quarter century of Beijing’s rule.<\/p>\n
Macau returned to Chinese rule on Dec. 20, 1999, governed under the same “one country, two systems” system as nearby Hong Kong.<\/p>\n
During his trip, Xi urged Macau to have the “courage” to diversify its economy by establishing new industries and better connecting with the mainland’s national developing strategies.<\/p>\n
That includes increased economic integration with the Greater Bay Area, a region in the Pearl River delta linking cities such as Hong Kong and Guangzhou.<\/p>\n
To boost its global competitiveness, Xi said Macau should further promote cooperation with Portuguese-speaking countries and actively participate in Beijing’s Belt and Road Initiative, an ambitious infrastructure plan aimed at boosting trade between China and the rest of the world.<\/p>\n
Macau, a special administrative region of China, is the only place in the country where gambling is legal. Its economy is heavily reliant on casinos, which contributes about 80% of tax revenues.<\/p>\n
But China’s long-term anti-corruption drive has reined in gambling revenues from the high-roller VIP sector, which were further depressed during the pandemic years when strict travel restrictions sharply curtailed visits from mainland tourists.<\/p>\n
($1 = 7.9990 patacas)<\/p>\n
(Reporting by Ryan Woo; Editing by Gareth Jones)<\/p>\n<\/p><\/div>\n