Macau’s casino hotspots have recently attracted more than 182,000 tourists during the “Golden Week” holiday, with about 89% of them reportedly traveling from mainland China to former Portuguese residences.
According to a report by GGRASIA, citing official information from the Macau Government Tourism Authority, the figure for the first seven days of rose more than 1,900% compared to last year’s coronavirus cases tally of just 1,166. The source also added that the daily average “Golden Week” tally was 32.8% higher than a similar figure for the whole of September.
The Macau government tourism agency reportedly declared that the most recent “Golden Week” visitor figures had “exceeded” its own expectations and pointed to a “gradual recovery of travelers’ confidence in Macau” as a tourist destination. The optimism was overwhelmed by the fact that 37,000 visitors entered the city on Oct. 1, the second-highest figure this year and the busiest since the minority endured an 11-day coronavirus-induced casino lockdown .
Macau’s hotels posted an average ‘Golden Week’ occupancy rate of 66.7%, 28.1% above the September median, GGRASIA quoted figures from the Macau Government Tourism Authority. The tally is said to be even more impressive as China’s National Hygiene Commission has moved up the seven-day holiday period by asking mainland residents to refrain from long-distance travel to contain the spread of the coronavirus.
All of this appears to prove highly profitable for nearly 40 casinos in Macau, as GGRASIA used a follow-up report showing Macau’s average daily gross gaming sales nearly doubled from that figure in September. The most recent figure of about $23.49 million, well above last month’s median figure of $12.24 million, the source said on Monday, citing data submitted by U.S. investment bank JP Morgan Chase.
However, JPMorgan Chase and Company analyst DS Kim reportedly reported that the most recent average daily “Golden Week” total game revenue figure was only “15% to 20%” of the tally in the seven days prior to the 2019 coronavirus, when it surpassed $123.68 million. Nevertheless, the experienced expert reportedly described the results as “confident” given that Macau has not yet benefited from the resumption of package tours and local eVisa plans.
“On a segment-by-segment basis, it is estimated that total sales of large games have recovered from 30% to 35% of pre-coronavirus ‘Golden Week’ levels versus VIPs with a mid-single-digit recovery rate.”