The gross gaming revenue (GGR) of Macau’s casinos increased 79.1% year-on-year in February, reaching MOP18.49 billion.
This figure fell slightly below projections from JP Morgan Securities and Citigroup, which predicted earnings of around MOP19 billion and MOP19.5 billion, respectively.
However, February’s GGR represented a 4.4% decrease from January’s figure of MOP19.34 billion, despite increased travel demand from mainland China.
Macau reported 1.4 million visitors during the eight-day Lunar New Year break, the highest since at least 2017, when daily data for peak seasons became available.
Despite the monthly decline, analysts regarded the performance during the Chinese New Year holiday period, which occurred from February 10 to 17, as robust.
JP Morgan Securities reported the daily GGR during this period likely exceeded MOP1 billion, surpassing the MOP900 million observed during the previous Golden Week in October.
The company also anticipated Macau would likely surpass the MOP1 billion mark during February’s festive period, for the first time in over four years, and exceeding the MOP900-million-plus seen during the previous Golden Week.
Slowing revenue growth signals ongoing caution among Chinese consumers, as economic headwinds, falling home prices and a stock market rout prompt many to curtail spending.
In total, Macau’s GGR for the first two months of 2024 amounted to nearly MOP37.82 billion, a significant 72.7% increase compared to the same period in the previous year. Staff Reporter
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