Casinos in Macau witnessed a spike in revenues to a post-Covid high in May, driven by the “Golden Week” holiday and the introduction of new travel permits for Chinese tourists, which boosted spending.
Gross gaming revenue reached 20.2 billion patacas ($2.5 billion) for the month, matching analyst forecasts of a 30% year-on-year increase, as reported today (Saturday) by the Gaming Inspection and Coordination Bureau.
During China’s five-day Labor Day holiday, Macau experienced a notable increase in visitors, with daily tourist arrivals up 23.2% year on year, achieving 76% of the 2019 levels, according to a report Saturday by Bloomberg. The city recorded 2.6 million visitors in April, about 76% of pre-pandemic figures, with May’s data expected to be released later in the month.
New regulations now allow Chinese citizens to secure multiple-entry travel permits to Macau for various activities, including attending exhibitions and entertainment events.
This ease of travel, which began in May, is expected to further boost visitor numbers. Moreover, the extension of eligibility for individual travel permits to residents from additional mainland cities indicates significant government support, highlighted by analysts from JPMorgan Chase cited Bloomberg.
Despite economic uncertainties, Macau’s affluent visitors continue to demonstrate robust spending capabilities. Bloomberg noted that the Bloomberg Intelligence index of Macau casino operators rose 4.57% in May, surpassing the Hang Seng Index’s gain of 1.78%.
MDT
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