For the month, Macau casinos raked in gross gaming revenue (GGR) of MOP 20.8 billion (£2 billion, €2.4 billion, $2.6 billion).
That’s 6% more than the previous post-pandemic high of MOP$20.2 billion, recorded in May. It also beat September GGR by 20%, according to the city’s Gaming Inspection and Coordination Bureau (DICJ).
Golden Week saw robust tourism
The month started with a bang as tourists flooded the city for the national Golden Week holiday, running 1 to 7 October.
From 2 to 5 October, arrivals from mainland China were up almost 55% year-on-year. And tourism peaked on 3 October, breaking the all-time single-day record with more than 174,000 visitors. The weekly tally exceeded 993,000, up 1.9% over 2019, before Covid shutdowns began. The city did not fully reopen its borders until January 6, 2023.
According to the Macau Government Tourism Office (MGTO), hotels in the city posted record occupancy, peaking at 98.5% on 3-4 October. The Macau Daily Times reported that daily room rates were 4% higher on average than during the same period in 2019.
Monthly haul points to full-year bonanza
Gaming spend exceeded expectations: an average MOP 1.08 billion per day, versus the more modest estimate of MOP 900 million, as reported by Macao News.
JP Morgan analysts said the results implied “mass GGR [recovery of] 130% to 140% of pre-Covid levels.” VIP play was up, too, by 35%. And per-capita spend rose 25% over pre-Covid levels.
The rising tide anticipates stronger full-year performance. The local government had projected annual GGR of MOP 216 billion. Now it’s looking to a total of almost MOP 240 billion.
Year to date through October, GGR came to MOP$190.1 billion, up 28.1% over the same period in 2023.
Original article: https://igamingbusiness.com/casino/in-macau-casinos-october-topped-may-for-best-post-covid-performance/
