Macau Casinos Hit New Post-Covid High in October
Macau's casinos celebrated their most successful post-pandemic month in October, driven by an influx of visitors during Golden Week.
Macau welcomed over 993,000 visitors during the National Golden Week.
LISTEN TO THIS ARTICLE:In the month, Macau's gaming industry reported a monthly gross gaming revenue of MOP20.8 billion ($2.6 billion).
The figure marks a 6% increase from the previous post-pandemic peak of MOP20.2 billion in May and a 20% increase from September's revenue.
October's impressive results were not entirely surprising, considering the robust tourism numbers expected during Golden Week. From the first week of the month, Macau witnessed an influx of tourists eager to celebrate the National Golden Week holiday from October 1 to 7.
Between October 2 and 5, mainland China arrivals skyrocketed 55% year over year, leading to an all-time high single-day record of 174,000 visitors on October 3.
Macau welcomed over 993,000 visitors for the week, a 1.9% increase from 2019's pre-pandemic numbers. This signals a notable recovery since borders reopened on January 6, 2023.
The Macau Government Tourism Office reported that city hotels reached historic occupancy rates of 98.5% on October 3-4. Additionally, the Macau Daily Times revealed that daily room rates rose 4% above 2019 averages during the period.
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Gaming Industry Exceed Projections
According to Macao News, gaming expenditure beat expectations, with daily averages reaching MOP1.08 billion, surpassing the initially projected MOP900 million.
Analysts at JP Morgan noted that Macau's gaming industry has made a remarkable comeback, with mass market revenue reaching 130-140% of pre-pandemic levels. VIP play and per capita spending also increased by 35% and 25%, respectively.
As the gaming sector continues to flourish, full-year GGR projections have been revised upward to MOP240 billion from the government's initial estimate of MOP216 billion.
As of October, Macau's year-to-date GGR has reached MOP$190.1 billion, a 28.1% increase from the same period in 2023.
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