Macau's casinos continue to recover, with revenue in February rising by 33%
According to data released on Wednesday by the Gaming Inspection and Coordination Bureau, gross gaming revenue reached 10.3 billion patacas (approximately $1.3 billion). This figure surpassed analysts' average estimate of a 31% year-on-year increase. Nonetheless, January's growth was significantly higher at 82.5%, driven by a surge in tourists during the Lunar New Year celebrations. Additionally, February's revenue remains 59% below pre-pandemic levels.
Macau, the only place in China where casinos are legal, welcomed 1.4 million visitors in January, which is about 40% of the levels seen in 2019. Detailed attendance figures for February will be released later this month.
Angela Hanley, an analyst at Bloomberg Intelligence, noted that despite the strong recovery fueled by pent-up travel demand post-COVID-19, interest in Macau may wane. This is due to other destinations, such as South Korea and Japan, attracting Chinese tourists. Meanwhile, Hanley believes that the increase in hotel room availability in Macau will be a key driver of post-pandemic tourism growth. Recent openings include the Grand Lisboa Palace (SJM Holdings Ltd.), Galaxy Macau Phase 3 (Galaxy Entertainment Group Ltd.), and Studio City Phase 2 (Melco Resorts & Entertainment Ltd.).
In terms of market performance, the Bloomberg Intelligence index for casino operators in the Chinese enclave rose by 4.7% following the revenue report. It has doubled since early November, although it fell by 6.8% in February as operators received new licenses allowing them to continue operations in the region for the next decade.
Meanwhile, the Silverton Casino is attracting birthday celebrants with complimentary drinks.
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