Macau experienced a real frenzy in its renowned casinos during the Chinese New Year festive period. With more than 1.35 million tourists flooding the Chinese Special Administrative Region, this holiday was a true celebration for Macau’s gambling industry.
Data released by the Macau Public Security Police revealed that the overwhelming majority of visitors contributed to a 164% increase in tourist traffic compared to the previous year.
This significant growth in tourists has had a direct impact on local casinos. Thus, with a daily average of almost 170,000 visitors immersing themselves in the exciting atmosphere of the games.
Approximately one million of these visitors came from the mainland, highlighting the enduring attraction that Macau’s casinos have over all of China.
Additionally, Hong Kong contributed around 253,000 visitors to Macau’s casino bustle. In this way, demonstrating the broad regional attraction of gaming in the city.
During the eight days of the holiday, hotel occupancy reached almost 98%, reflecting the huge demand for accommodation amid the lively festive atmosphere.
This high demand has resulted in a significant increase in hotel room rates, averaging MOP1,922 (US$238.75) per night. This represents an increase of 23% compared to the previous year.
Growth in Macau Casinos
Macau’s casinos also recorded exceptional performance during this period.
The top six casino operators witnessed gross gaming revenues (GGR) that exceeded MOP1 billion (US$124 million) per day during the holiday peak.
This is the first time since the start of the COVID-19 pandemic in 2020 that casinos have reached this milestone, indicating a remarkable recovery for Macau’s gaming industry.
Industry analysts noted a significant increase in VIP gaming over the holiday, with a monthly increase of up to 14%, while mass gaming also saw considerable growth of nearly 10%.
This increase in VIP gaming is particularly significant as Macau casinos are seeking new strategies to attract high rollers following the departure of junket groups.
Amid this recovery, Macau’s casinos recently completed their first full year since the end of the pandemic, recording a remarkable recovery.
In 2023, the top six casino operators experienced a significant increase in revenue, reaching US$22.7 billion. This represented an impressive 334% increase from the previous year.
The start of 2024 continued this positive trend, with January revenue totaling $2.4 billion. Thus, corresponding to an increase of 67% compared to the previous year.
Analysts are optimistic about future performance, predicting that February revenue could reach approximately MOP19.5 billion (US$2.42 billion). All this, marking an increase of 88% compared to the previous year.
