EURO 2024 Fever Expected to Dampen Macau Casino Revenues in June
Kate Marshal
20 June 2024
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The ongoing European Championship in Germany is expected to have a significant impact on Macau‘s casino revenue, with HSBC Holdings plc forecasting a 10-15% drop in gross gaming revenue (GGR*) for June. The banking giant attributes the decline to football fans diverting their attention and spending towards the Euro 2024 tournament.
HSBC estimates that Macau’s GGR for June will reach $2.11 billion, a significant decrease from the $2.51 billion recorded in May.
The bank’s analysts point to the first 16 days of June, where GGR reached $1.2 billion, averaging $75.3 million per day. This represents a 7% decline compared to the same period in May.
“Gaming demand may have been diluted by sports betting around the ongoing UEFA EURO 2024 tournament,” HSBC analysts note. The bank’s forecast also mentions the recent requirement by Macau authorities for casino operators to limit or stop offering free snacks to guests, a measure that could potentially impact food and beverage establishments in the city. However, analysts believe this measure will not have a significant impact on the GGR of the gaming establishments.
*GGR is a financial metric used to measure gross earnings, calculated by subtracting total winnings from total bets.
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