Macau Chinese New Year GGR up 60% year-on-year
Macau has seen average daily revenue of MOP333m (US$41.4m) during the Chinese New year period between February 1 and 6.
Macau.- Sanford C. Bernstein Ltd has reported that Macau’s gross gaming revenue (GGR) for the Chinese New Year period was up 60 per cent when compared to 2021. Meanwhile, authorities have revealed that average daily tourist arrivals were up 25.4 per cent year-on-year to 16,242 visitors.
Macau welcomed 113,699 visitors during the Chinese New Year period, up 25.4 per cent year-on-year.
Bernstein analysts added the CNY performance was “better than expected”. They now estimate that February’s monthly GGR will be 29 per cent higher than January, but still 68 per cent lower than January 2019.
Analysts stated: “Recovery will depend on the travel situation with China and the strength of the post CNY business. The shortened Covid testing requirement and travel impediments and Covid outbreaks in China will impact near term GGR.
“Longer-term, IVS eVisa and group visa restart and HK travel resumption will drive GGR recovery, driven by mass and premium mass.”
JP Morgan Securities Ltd said Macau’s Chinese New Year GGR was “not half as bad as feared”. Analysts added the first six days of the holiday generated MOP2bn (US$249.2m) in GGR.
