Macao raked in some 34.8 billion patacas in gross revenue from different gaming activities in the first quarter of this year, according to the latest figures from the Gaming Inspection and Coordination Bureau (DICJ).
The figure is only 47 percent of the average gross revenue the territory earned from gaming each quarter in 2019 – the last year before the pandemic – but it puts Macao on course to achieve the government target of 130 billion patacas for the year.
Of the first quarter’s revenue, more than 29 billion patacas, or almost 84 percent of the total, came from baccarat or VIP baccarat, the DCIJ figures show.
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Baccarat is a card game played between player and banker, with both vying to get the highest score. The game attracts punters because the house has a low competitive edge compared to other casino card games. Baccarat is booming not just in Macao but Las Vegas.
Analysts at JP Morgan say mass-market gross gaming revenues in Macao have been restored to “about 65% from pre-COVID levels” so far in 2023.
The level “comfortably” exceeds estimates for the first three months of the year, researchers said.
