Macau’s gambling revenue last month rose 82.5 percent year-on-year to 11.6 billion patacas (US$1.4 billion), after the world’s biggest gambling hub had nearly 500,000 visitors arrive over the week-long Lunar New Year holiday.
The crowds were the biggest in more than three years, but last month’s revenue was still less than half of the Lunar New Year period in 2019 prior to the COVID-19 outbreak, data released by Macau’s government yesterday showed.
Macau has seen a resurgence of tourists from China since Jan. 8, after the territory dropped all COVID-19 testing requirements for inbound travelers from the mainland, Hong Kong and Taiwan.
Photo: Reuters
Tens of thousands of tourists streamed daily into Macau’s casinos and picturesque cobbled streets over the Lunar New Year holiday which started on Jan. 21, a stark contrast to the dearth of visitors it faced since 2020.
Macau closely followed China’s “zero COVID” policy since 2019, and reopened along with the mainland.
Last month’s revenues were the first for Sands China Ltd (金沙中國), Wynn Macau Ltd (永利澳門), MGM China Holdings Ltd (美高梅中國控股), Galaxy Entertainment Group Ltd (銀河娛樂集團), Melco Resorts and Entertainment Ltd (新濠博亞娛樂) and SJM Holdings Ltd (澳門博彩控股) under new 10-year contracts.
The casinos were launched under 20-year contracts in 2002, raking in billions of dollars and turning a sleepy fishing village into a glitzy boomtown.
The new contracts, with more government oversight and control, were struck after COVID-19 restrictions decimated Macau’s gambling revenues and sent net debt soaring. The industry had its worst revenue performance on record last year.
Macau’s once lucrative VIP industry has also collapsed following several arrests in its junket industry. A Macau court on Jan. 18 sentenced Suncity Group (太陽城集團) founder Alvin Chau (周焯華), one of its most well-known figures, to 18 years in prison.
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