Macau gaming revenue soars to new high on Golden Week boost
MACAU’S gaming revenue jumped 6.6 per cent in October, rising to a new high since Covid shut down travel as China’s national Golden Week holiday fuelled tourism and spending.
Gross gaming revenue reached 20.8 billion patacas (S$3.4 billion) for the month, according to data released by the Gaming Inspection and Coordination Bureau on Friday (Nov 1). The result was in line with the median analyst estimate of a 6 per cent year-on-year increase.
The tally is a 20 per cent increase from the previous month but remains 21 per cent below the pre-pandemic level in 2019.
Macau saw a substantial surge in visitors during China’s seven-day holiday at the beginning of the month, with daily tourist arrivals exceeding pre-Covid levels from 2019 and reaching nearly 142,000. Most of these visitors came from the mainland, highlighting Macau’s continued appeal as a popular destination for Chinese tourists.
In September, Macau recorded 2.5 million visitor arrivals, representing approximately 91 per cent of the levels seen before the pandemic. The city is expected to release official data for October later this month, which may provide additional insights into post-pandemic recovery trends for the casino hub.
Macau’s gaming revenue received an extra boost in the last week of October, thanks to concerts by popular Hong Kong and Korean pop stars. These high-profile events attracted crowds and underscored the city’s strategy to use entertainment events to support its economy, particularly its critical gaming and hospitality sectors.
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However, Macau is facing more challenging regulatory headwinds as China intensifies its crackdown on capital outflows and money laundering. Reflecting this shift, Macau’s legislature recently passed a gambling crimes Bill in October, criminalising unlicenced money exchanges, which have been common around the casinos. This move signals a stricter regulatory approach within Macau’s casino industry.
Additionally, in October, Macau elected former judge Sam Hou Fai as its new leader. Known for his prior warnings against the gambling industry’s outsize influence, Sam’s election indicates a potential policy shift towards diversifying Macau’s economy. This change in leadership could drive Macau to balance its reliance on the casino sector with new opportunities for economic growth. BLOOMBERG
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