Melco reaches average occupancy rate of 70% during Chinese New Year

The average occupancy rate of hotels in Macau during the holiday period was 63.8 per cent.

Macau.- A Melco PR manager has pointed out that the casino operator saw an average occupancy rate of 70 per cent during the Chinese New Year holiday period.

The average occupancy rate of hotels in Macau during the holiday period was 63.8 per cent. From January 31 to February 6, the average occupancy rate of local hotels increased by 15.2 percentage points compared with last year. The occupancy rate of five-star hotels was the highest at 70.3 per cent, an increase of 19.3 percentage points.

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. 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.

Melco confirms end of agreements with junket promoters

Melco Resorts has confirmed that it ceased all junket arrangements at Studio City casino in December 2021. In a filing submitted under the US Securities Exchange Act, Melco Resorts said it had expanded its VIP rolling chip business to the Studio City Casino but decided to cease all transactions with junket operators.

The decisions were taken as authorities tightened regulations on VIP junket promoters after the arrests of Alvin Chau and Levo Chan Weng Lin, the heads of Suncity Group Holdings and Tak Chun Group, two of the city’s largest junket groups.