Gaming revenue in June was MOP$21.06 billion ($2.6 billion), just below May’s post-pandemic high of MOP$21.19 billion ($2.62 billion). 

Wynn Resorts‘ stock price jumped from $91.94 last week to $104.7, an increase of almost 14%. Wynn’s two Macau casinos generate more than half of the company’s total revenue. 

MGM Resorts, which also operates two properties in Macau, saw stock prices rise by over 12%. Las Vegas Sands, which has six locations in Macau, similarly saw a price rise of over 10%. 

Tourism Numbers Recover In Macau To Drive Revenue

Macau’s revenue is driven primarily by tourists visiting the region, which have finally returned to pre-pandemic levels. Tourism reached a low in 2022 due to travel restrictions, but 2023 saw figures return to over 70% of the numbers in 2019. 

Last year, there were 34.93 million visitors to the special administrative region, which is the only part of China to allow gambling. This was a 23.8% increase from pre-pandemic levels. 

Numbers have continued to increase this year, with over 3 million visitors in May, an increase of 25% from May 2024. 

Financial Recovery Leads To Crime Increase

The flood of tourism to the region has injected much-needed funds, but has also contributed to a rise in crime. The first quarter of the year saw gaming-related crime increase by over 60% from Q1 last year. 

While the return of tourism and activity in the region has contributed to the rise in crime, authorities also attribute the rise to a change in legislation that criminalized illegal money exchange operations.

As well as the pandemic, revenue figures have also been affected by campaigns to reduce corruption in the region. The revenue figures reported in June and May show the area is recovering. But, Macau may never be able to get back to the record revenue seen over a decade ago. 

Regulatory Crackdown Has Impacted Growth

In 2013, Macau’s gross gaming revenue was at MOP$361 billion ($44 billion). An anti-corruption campaign run by Chinese President Xi Jinping clamped down on wealthy businessmen using Macau casinos to launder money. As a result, VIP gaming revenue dropped by over 50% between 2014–2016.

A crackdown on junkets also led to the arrest of Alvin Chau, CEO of Suncity Group (Macau’s largest junket operator), in November 2021. 

New gaming laws were introduced in 2023, which placed several restrictions on casinos, including shortening license terms, requiring the need for non-gaming investments, as well as stricter rules around financial flows. 

Sam Hou Fai, chief executive of Macau since 2024, has emphasized the need for the region to diversify its economy. He also stressed that “The gaming industry is Macau’s primary industry, and if it does not develop healthily, it will have far-reaching consequences.”

Revenue figures in May and June suggest operators have come to terms with the new regulations. Though this year may not see figures of 2013, it signals a stability in the region. 

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Newspaper The Paper reported that the party has expelled Liu Jian, the former Party Secretary of Guizhou Provincial People’s Hospital, for gambling and bribery.

The Guizhou Province’s investigative unit, acting with the approval of the Guizhou Provincial Party Committee, said a probe into Liu was ongoing.

In the meantime, Liu has been forced to leave the Communist Party. The province has followed up by canceling his benefits, rescinding his qualifications, and “confiscating his illegal gains.”

Guizhou prosecutors will now review his case ahead of a trial, with bailiffs ordered to seize Liu’s assets.

Officials did not reveal any details of the amount of money Liu allegedly used to gamble, nor did they explain where, when, or how he placed wagers.

However, they explained that he had taken money from companies involved in drug procurement and supply.

They also said that he took bribes from bidders vying to secure medical project contracts at the hospital. Investigators said he “illegally accepted huge amounts” of money or other valuable assets.

The party said that Liu had seriously violated the disciplinary guidelines. Officials said his case “should be dealt with very seriously.”

Communist Party Cadres: Gambling Crackdown Underway?

Elsewhere, the media outlet Shanxi Law reported on the case of Zhou Jianfeng, a cadre serving at the Pingchuan District’s Agriculture and Rural Affairs Bureau in Gansu Province.

Investigators found that on March 14, 2025, Zhou took the afternoon off work. Later the same day, public security officials found him and several other individuals gambling on rounds of mahjong. The latter is a traditional and highly popular four-player Chinese tile game.

Gambling on mahjong is relatively common in China. Players typically place small wagers of up to $15 on their games. Previous attempts to ban mahjong in some parts of China have resulted in decidedly mixed results.

Police arrested and detained Zhou on March 15, detaining him for 10 days before releasing him with a 1,000 yuan ($139.50) fine.

However, as a cadre, Zhou also faced a separate probe from the Communist Party, which handed him a “serious warning” order earlier this month.

Gambling remains extremely popular in Mainland China, despite the party’s 1949 blanket ban on betting outside state-operated lotteries.

Earlier this month, a man was arrested in Xinjiang Province, suspected of trying to sell a thousand-year-old shroud torn from a mummified corpse at a protected archaeological site. Police said he was trying to raise funds to pay off gambling debts of around $28,000.

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The unnamed suspect fell into heavy gambling debt, owing more than 200,000 yuan (around $28,000). Upon discovering the value of the relic online, he decided to seek out potential buyers.

However, unknown to him, the police had already received a tip and proceeded to arrest him.

Relic Missing for Two Decades

A friend of the suspect stole the relic from the Xiaohe Cemetery, one of China’s key protected archaeological sites, in 2005. The friend excavated ancient tombs and stole many cultural relics, most of which he sold.

However, he couldn’t find a buyer for the shroud, which he tore from a mummy. The friend then gave the shroud to the suspect for safekeeping. Instead of safekeeping, the unnamed man tried to sell it, but unsuccessfully due to its status as a protected cultural relic.

Earlier this year, desperate from his mounting gambling debts, and finding the relic’s value, he tried to find a buyer online. Unfortunately for him, on April 24, the police arrested him at his residence in the city of Urumqi. Authorities seized the shroud along with other well-preserved relics.

Last month, the cultural relics department identified the shroud as a wool textile relic from the Bronze Age. It included three woolen cloaks and a two-piece woolen belt. All of the items are nationally protected third-level cultural relics in China.

Gambling Addiction Fuels Crime from Xinjiang to Macau

This case highlights the growing social and criminal issues linked to gambling addiction in China.

Macau, China’s gambling hub and one of the largest in the world, has witnessed an increased number of criminal gangs involved in illegal money exchanges. Reports reveal that over 60% of gaming crimes in Macau are connected to these illicit money exchanges.

That has led regulators and lawmakers to target these underground networks. Last year, Macau passed new regulations that include significantly harsher sentencing for those found guilty of participating in criminal money exchange gangs.

China’s government has also increased warnings to citizens about the risks of gambling in foreign casinos. As casinos are only accessible in Macau and Hong Kong, many Chinese residents cross the borders to gamble.

The Chinese embassy reiterated that gambling by Chinese citizens outside the country is illegal. It emphasized that it cannot provide consumer protections to those who gamble abroad.

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Despite November finishing relatively strong compared to a slow start, Macau’s Gaming Inspection and Coordination Bureau declared daily GGR of MOP$615m (US$77m) – a figure on the lower end of monthly GGR for 2024. 

According to Vitaly Umansky, a Senior Analyst at Seaport Research Partners, November is typically a weak month and December should see GGR rise by around 5.2% year-on-year and 5.9% month-on-month to around MOP$19.5bn (US$2.43bn).

Carlo Santarelli, a Stock Analyst from Deutsche Bank, expects a weaker December than Umanskey, predicting a smaller 3% YoY increase in GGR to around MOP$191bn (US$2.39 billion).

He wrote: “Our December forecast represents a monthly sequential per day improvement of 0.4%, which, we note, compares to the 0.7% average sequential per day improvement in December, relative to November, over the period from 2013 through 2019.”

However, this growth could be hindered by the expected visit of Chinese President Xi Jinping for the inauguration of incoming Macau Chief Executive Sam Hou Fai on 20 December, as presidential events often lead to declines in visitation from mainland China. 

The incoming CEO also had an impact on September’s GGR figures when his appointment was announced for 12 October, slowing the momentum for the region’s gaming sector as it fell by 12.7% from August.  

The Chief Executive is the Head of Government in Macau, a special administrative region of China. Prior to becoming Chief Executive, Hou Fai had been critical of the gaming industry, particularly its dominant role in Macau’s economy.

Although Hou Fai may have had a negative impact on the gaming sector’s revenues in recent months, he recently underpinned the sector as Macau’s primary industry. 

The incoming CEO stated at a press conference: “The gaming industry is Macau’s primary industry, and if it does not develop healthily, it will have far-reaching consequences. The new government will strictly enforce the new gaming law to protect and supervise the healthy and orderly development of the six concessionaires.

“The new government will require and supervise the concessionaires to monitor their non-gaming investments of MOP$130bn in accordance with the contractual requirements, so as to promote the diversified development of the Macau economy.”

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It builds on the continued efforts of the authorities in the region to clamp down on offshore gambling and clean up its gambling industry. 

Speaking at his state of the nation address, Marcos said: “Disguising as legitimate entities, their operations have ventured into elicit areas beyond gaming, such as financial scamming, money laundering, prostitution, human trafficking, kidnapping, brutal torture – even murder.

“The grave abuse and disrespect to our system of laws must stop. It is necessary to stop this disturbance in our society, and the desecration of our country.”

Marcos underlined his belief that the outlawing of POGOs can have a significant impact when it comes to solving the country’s problems, as he added that ‘citizenry must always be vigilant, principled, and think of the health of the nation’.

Tackling the black market 

It comes as the country has deepened efforts for its removal from the FTAF grey list, with the gambling industry being cited as one of the key factors in its path to departing the list. 

The Philippines’ gambling regulator, Amusement and Gaming Corporation (PAGCOR), recently sought to clean up the country’s gambling sector and provide the country with a clearer path to economic growth. It revealed that 74.78% of the illegal igaming websites that had been detected have been blocked. 

Ret. Gen. Raul Villanueva, President of PAGCOR’s Security Monitoring Cluster, has underlined the complexities of eradicating the black market. 

He stated: “Of the 7,747 [illegal offerings], 5,793 [74.78%] were already blocked, and 1,954 are still active. “The payment blocking as of now based on my research, there’s no studies yet on payment blocking because some of these criminals use cryptocurrency as a mode of payment. And the banking system is very complex, offshore banking is very complex. 

“But we [have reached] out to payment portals like GCash and Maya, and we had a meeting two weeks ago with a representative of Gcash and they promised us to purge on these illegal sites because we have submitted to them or have publish or publish in our websites only the illegal sites.” 

There was also pressure from the Chinese government over the enabling of their citizens to gamble in the region. The Chinese embassy had previously distanced itself from having anything to do with the Philippine Offshore Gaming Operators (POGOs) sector.

The statement from the embassy said: “Chinese law prohibits all forms of gambling. The Chinese government strictly cracks down on Chinese citizens engaging in gambling business abroad including POGOs. Ample evidence shows that POGOs breed serious crimes such as kidnapping for ransom, human trafficking and murder. POGOs are detrimental to both Philippine and Chinese interests and images as well as China-Philippines relations.

“In recent years, the Chinese and Philippine law enforcement agencies have maintained close communication and cooperation and conducted multiple joint operations to bring down cross-border gambling and telecom fraud. Since 2018, nearly 3000 Chinese citizens implicated in the cases have been repatriated with joint efforts of both sides. In the past year alone, China has assisted the Philippines in shutting down five POGOs hubs and repatriated nearly 1000 Chinese citizens.”

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Following a string of meetings by the department, last week it took a period of reflection and looked to analyse what is and isn’t working when it comes to its strategy for tackling illicit behaviours. 

In spite of many challenges when it comes to tackling the gangs and honing in on fraudulent behaviour, there had been reported success in the group’s approach as the police director emphasised a decline in the number of illegal crimes involving money exchange gangs.

He added that “The Judiciary Police will actively cooperate with the mainland public security authorities in special operations to rectify the illegal activities of money changers at the source”.

Moving forward the ministry described its approach as ‘high pressure’ as the region’s authorities seek a collaborative approach when it comes to tackling gangs and money laundering.

In one of the more specific efforts to combat illegal activity in Macau, a total of 93 people were arrested following an investigation into an illegal gambling operation in Macau, Hong Kong and the Guangdong Province.

According to a report by government officials, the operation took place across a host of major casino locations in Macau. 

Furthermore, the operation has been in place since 2016, as law officials remained poised until the most effective moment to ensure they could counter and arrest those responsible for the illegal syndicate.

There was also an illegal gaming and casino operation pursued by the group, which operated in Macau and was taken down by law officials amidst the investigation.

It was also detailed that there was cross-border collaboration as a result of the illegal operation, with a customs official being one of the suspects arrested. 

The investigation and arrests come following stark warnings from the Chinese government over the usage of overseas betting operations and casinos. 

Furthermore, there were also increased efforts from China and South Korea to bolster their connection in the battle against cross-border gambling. 

It was reported by the Chinese media platform, People’s Daily, that law officials from both nations met to discuss the next steps in enhancing the way law is upheld in the region and ensuring that collaboration continues in the battle against illicit gambling. 

At the heart of the challenge will be the innovation in methods for detecting and combating cross border gambling between the two East Asian countries. 

It builds on continued efforts from China to halt cross border gambling – having previously elevated its approach in the Philippines and Sri Lanka to bolster security efforts. 

Published on WeChat, China’s Philippines embassy emphasised that gambling by Chinese citizens in casinos overseas is still considered illegal.

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The embassy has also distanced itself from having anything to do with the Philippine Offshore Gaming Operators (POGOs) sector.

It builds on the continued efforts of the Chinese government to warn citizens against gambling at overseas venues. 

The statement from the embassy said: “Chinese law prohibits all forms of gambling. The Chinese government strictly cracks down on Chinese citizens engaging in gambling business abroad including POGOs. Ample evidence shows that POGOs breed serious crimes such as kidnapping for ransom, human trafficking and murder. POGOs are detrimental to both Philippine and Chinese interests and images as well as China-Philippines relations.

“In recent years, the Chinese and Philippine law enforcement agencies have maintained close communication and cooperation and conducted multiple joint operations to bring down cross-border gambling and telecom fraud. Since 2018, nearly 3000 Chinese citizens implicated in the cases have been repatriated with joint efforts of both sides. In the past year alone, China has assisted the Philippines in shutting down five POGOs hubs and repatriated nearly 1000 Chinese citizens.

“The vast majority of the Chinese citizens involved in these cases are victims of the Philippine offshore gambling industry. The Chinese government is committed to protecting the legitimate rights and interests of Chinese citizens.”

Earlier this year China also deepened ties with South Korea in the battle against cross-border gambling. It was reported by the Chinese media platform, People’s Daily, that law officials from both nations had held discussions around progress in enhancing the way law is upheld in the region and ensuring that collaboration continues in the battle against illicit gambling.

At the heart of the challenge will be the innovation in methods for detecting and combating cross-border gambling between the two east Asian countries.

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It was reported by the Chinese media platform, People’s Daily, that law officials from both nations met to discuss the next steps in enhancing the way law is upheld in the region and ensuring that collaboration continues in the battle against illicit gambling. 

At the heart of the challenge will be the innovation in methods for detecting and combating cross border gambling between the two east Asian countries. 

It builds on continued efforts from China to halt cross border gambling – having previously elevated its approach in the Philippines and Sri Lanka to bolster security efforts. 

Published on WeChat, the embassy of China emphasised that gambling from Chinese citizens in casinos overseas is still considered illegal. 

Key to the statement from the Chinese government is that they are unable to ensure consumer protections are implemented if citizens are gambling at overseas casinos, even if they are completely legal premises in their respective jurisdiction.

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In total, 19.5bn patacas ($2.4bn), numbers that were bolstered by a growing number of visitors in the region – as footfall and tourism continued to grow significantly. 

The consistent easing of pandemic-like restraints and regulations were also integral to fuelling the revenues, however, the region has still never quite reached the heights of March 2019. 

It’s growth that will be viewed as a boost for the region though, as it defies analysts to continue on an upward trajectory in terms of engagement, traffic and importantly revenue. 

Recent years and the current economic climate in China has also seen a myriad of casinos in the region of Macau diversify what they offer to consumers –  becoming entertainment venues and tapping into a growing number of avenues to engage audiences. 

Underlining just how significant the period of growth in the Macau gaming sector, MGM China recently detailed that it no longer requires funding as it halted a lucrative revolving loan facility with controlling shareholder MGM Resorts. 

After agreeing the cancellation of the loan, it was also revealed that it was untouched as the region and the operator look set for a fruitful period amidst economic growth. 

Optimism came from significant success that has already been enjoyed by MGM in the region, as revenue was reported to have spiked in 2023. 

The growth was largely underpinned by an uptick when it comes to the recovery of the markets in the region, off the back of the easing of restrictions after the pandemic. 

In spite of the positivity a challenging era may well be ushered in for the casino sector in Macau, as regulatory frameworks around VIP players become increasingly stringent. 

Although tighter restrictions loom, Morgan Stanley recently provided a bright outlook for Macau’s gaming sector in the year ahead, with companies predicted to elevate their non-gaming investments significantly. 

Analysts at the bank outlined: “If we assume VIP recovery in Dec was 30 per cent of 2019’s level (23 per cent in 3Q23), mass recovery should be ~20 per cent above 2019. We expect Macau gaming companies to follow the Macau government and increase wages by two to three per cent in 2024. We also think the opex portion of non-gaming investment, and potential competitions for gaming hosts/sales, could put upward pressure on opex.

“On capex, we think companies will accelerate their non-gaming spend in 2024. Sands has the scale to have 76 per cent of its committed investment in capex while other operators will need to spend more on opex, which could impact their margin.”

In 2023, the region reported gross gaming revenue of $22.7bn, a staggering annual increase of 334 per cent. 

As a result of the recorded numbers, a stipulation has been triggered which will mean that the six major operators in the region will have to raise their spending on non-gaming investments by 20 per cent.  

In a recent comment from Las Vegas Sands, the group’s Chair and CEO, Robert Goldstein, emphasised his optimism for market growth as the firm continues to expand across Asia. 

“We are staunch believers in the growth of the Macao market near and long term,” Goldstein commented on LVS’ latest earnings call. 

“LVS has invested $15bn in Macau, which is the most important land-based market in the world. A few reference points to consider, third quarter EBITDA represents strong growth compared to previous quarters, as I mentioned. Our retail business in Macau has far exceeded pre-COVID numbers.”

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It builds on a largely glowing outlook for the region in 2023, as it reported rapid growth and recovery close to pre-pandemic levels. 

Analysts at the bank outlined: “If we assume VIP recovery in Dec was 30 per cent of 2019’s level (23 per cent in 3Q23), mass recovery should be ~20 per cent above 2019. We expect Macau gaming companies to follow the Macau government and increase wages by two to three per cent in 2024. We also think the opex portion of non-gaming investment, and potential competitions for gaming hosts/sales, could put upward pressure to opex.

“On capex, we think companies will accelerate their non-gaming spend in 2024. Sands has the scale to have 76 per cent of its committed investment in capex while other operators will need to spend more on opex, which could impact their margin.”

In 2023, the region reported gross gaming revenue of $22.7bn, a staggering annual increase of 334 per cent. 

As a result of the recorded numbers, a stipulation has been triggered which will mean that the six major operators in the region will have to raise their spending on non-gaming investments by 20 per cent.  

The numbers were bolstered by a bright end to the year, specifically when it comes to the overall uplift of tourism and global output for Macau.

Furthermore, the results are even more impressive given they come at a time when the wider Chinese gambling market has endured a slower period in the same year. 

According to reports, the tourism boost of the gaming sector far eclipsed that of any other Chinese industry, as the local statistics bureau, DSEC, emphasised the country enjoyed a year of economic growth in the third quarter of 2023. 

In a recent comment from Las Vegas Sands, the group’s Chair and CEO, Robert Goldstein, emphasised his optimism for market growth as the firm continues to expand across Asia. 

“We are staunch believers in the growth of the Macao market near and long term,” Goldstein commented on LVS’ latest earnings call. 

“LVS has invested $15bn in Macau, which is the most important land-based market in the world. A few reference points to consider, third quarter EBITDA represents strong growth compared to previous quarters, as I mentioned. Our retail business in Macau has far exceeded pre-COVID numbers.”

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