80% of Macau hotels fully booked for October Golden Week, analysts say
CLSA said hotel room rates are expected to average MOP4,001 (US$499) per night.
Macau.- CLSA has reported that 80 per cent of Macau hotels are fully booked for the upcoming October Golden Week. According to analysts Jeffrey Kiang and Leo Pan, 80 per cent of the remaining available hotels have raised their room prices. The average hotel room rate in Macau is expected to be MOP4,001 (US$499).
They said six out of eight Galaxy properties and both MGM properties are fully booked every week through the second quarter of next year.
The analysts also revised their gross gaming revenue (GGR) forecast for 2024 and 2025 downward by 2 per cent to MOP227.7bn (US$28.4bn) and US$29.6bn respectively. In August, GGR was MOP19.75bn (US$2.46bn). The figure was up 14.8 per cent year-on-year and 6.2 per cent sequentially.
Cumulatively, Macau’s GGR for the first eight months of 2024 was MOP152.10bn (US$19.92bn), up 33.4 per cent year-on-year but 23.3 per cent below the same period in 2019 (US$24.66bn).
In 2023, 932,365 people visited Macau during October Golden Week, from September 29 to October 6. The Public Security Police Force (CPSP) reported 158,726 arrivals on September 30.
