Chinese New Year Brings Tourism Boom to Macau
Macau is preparing for an influx of visitors as the Chinese New Year holiday begins today, January 29, marking the start of the Year of the Snake.
Macau prepares for record tourism during lunar New Year.
LISTEN TO THIS ARTICLE:Macau’s Luxury Hotels Fill Up Quickly
The eight-day celebration is extremely important for Macau’s gambling industry, and experts have forecast record visitor numbers and strong revenue growth. Luxury hotels in Macau are experiencing a rush of bookings, with over 21 high-end establishments already booked solid for at least four nights.
Hotel occupancy rates have surpassed 80% and are expected to exceed 90% as the holiday progresses. While some hotels have reduced prices compared to last year, others have increased rates due to high demand. On average, a standard room costs approximately HK$3,911 ($503), with price reductions seen at The Venetian Macau and Grand Lisboa Palace.
Authorities predict that up to 670,000 people will cross the border daily, with total entries and exits surpassing 5 million, slightly more than last year. The Macao Government Tourism Office anticipates daily visitor numbers to reach 185,000, including 8,000 international travelers. Recent relaxations of the Individual Visa Schemes (IVS) have facilitated travel, allowing residents of Zhuhai and Hengqin to apply for multiple-entry visas, which will contribute an extra 20,000 arrivals.
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Cultural Events Complement Gambling
In addition to its thriving gambling scene, Macau plans to host various cultural events throughout the holiday season. A float parade featuring performers from Macau, Japan, South Korea, and China’s Zhejiang province is set to take place at Sai Van Lake on January 31, followed by another parade in Ilha Verde on February 8.
The city will also host three major fireworks displays near Macau Tower on January 31, February 4, and February 12. Traditional Golden Dragon parades are also scheduled for January 29 and 30.
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Industry analysts are optimistic about Macau’s casinos during the holidays, with gambling revenues expected to increase throughout 2025. Growth projections range from 4.7% to 7%, influenced by consumer confidence and China’s economic performance. The Macau government aims to achieve MOP240 billion ($29.9 billion) in gambling revenue for the year, an 11% increase over 2024.
The positive outlook is further helped by Beijing’s continued economic support, which includes financing initiatives and reduced interest rates. As the Lunar New Year festivities kicked off, Macau welcomed around 79,000 visitors on the first day, a 34.9% decrease from last year’s opening day, attributed mainly to differing holiday dates this year. But despite this initial dip, Macau remains optimistic about the entire holiday period.
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