The city’s casinos have recorded the best month in three years as gaming revenues surge 247% and Macau sees an influx of tourists following promotions in the neighboring regions.
Data from the Gaming Inspection and Coordination Bureau shows gross gaming revenue in March has reached 12.7 billion patacas, topping the median analyst estimate of a 205% year-on-year increase, with the highest monthly takings since January 2020.
Although the figure was still approximately half of pre-pandemic levels, last month’s figures increased 23% month-to-month.
Between 2020 to 2022, casino operators lost USD1.6 billion as a result of the city’s adherence to China’s zero-Covid policy that prevented entry by tourists.
Tourist arrivals are currently on the increase.
Last month, on March 22, the city saw its highest count of tourist arrivals in three years at 96,011, the Macao Government Tourism Office (MGTO) announced in a statement.
The first 22 days of March, meanwhile, achieved an average count of 65,000 per day, which was 13.4% more than the daily average in February.
Casino operators are pledging to invest billions in non-gaming elements, as required by the new gaming law that came into effect this year.
However, the Fitch Ratings expects this to be slow, amid the operators’ moves in launching non-gaming offerings.
“We expect the diversification into non-gaming industries to remain slow. Human capital constraints and skill gaps pose a key challenge for Macau to substantially reduce its high dependence on the gaming industry,” said the institution in a report earlier.
Also, junket operators will remain “sensitive to tight regulatory scrutiny in both Macau and mainland China.”
