Thanks to the national Golden Week celebrations, Macau gaming industry reportedly generated gross revenue of around MOP6.65 billion (US$824.5 million) for the first eight days of October. The festive week celebrated from September 29 to October 6 thus brought more MOP830 million a day to Macau operators of casino and mass market, according to GGRAsia.
$103 Million Daily Revenue:
According to the same source, the revenue generated over the first eight days of October stands for a 29 percent better result for the industry than the 2023 festive daily average. The latest industry’s result surpasses the 2023 May’s Golden Week celebrated around the Labor Day to arrive at a MOP645 million daily average. Still, the analysts from JP Morgan reported to the source that the October 2023 result represents around 80 percent recovery in reference to the levels reached in the same period of October 2019.
Golden Week Driving Visits
The festive Golden Week reportedly extended to eight days this year as the mainland China authorities merged the national Mid-Autumn Festival and China’s National Day celebrations. As reported by GGRAsia, the eight-day holiday attracted a total of more than 930 thousand visitors. Macao Government Tourism Office (MGTO) reportedly informed that more than 76 percent of the visitors came from the Chinese mainland. The peak in visits of around 160 thousand was recorded already on the second day of the festive week in the gaming mecca.
Macau’s casinos therefore recorded daily revenues of more than MOP930 million for the first six days of October. JP Morgan analysts DS Kim, Mufan Shi, and Selina Li recorded these figures and said that the pace was slowing down as the holiday was coming to an end with the region’s gaming industry generating MOP500 million a day on October 7 and 8, GGRAsia reports.
It is JP Morgan team that also uses the total of MOP825 million generated over the first eight days of October to reportedly suggest that the figure represents an around “80 percent recovery” when compared to the Golden Week holiday in October 2019 delivering the gross gaming revenue of MOP1.16 billion. Still, the analysts reportedly consider that the latest holiday represents a “significant acceleration” after the Macau’s gross gaming revenue wound up the third quarter of 2023 with the 70 percent recovery.
Strong Market Performance:
As GGRAsia reports, the JP Morgan team also pointed out that the region’s revenues generated during the October Golden Week were supported by the fact that “…mass GGR has likely recovered to [circa] 110 percent to 120 percent of 2019 Golden Weeks, comfortably exceeding a 100-percent bar that we think many buy-side [investors] had. In short, Macau’s [autumn] Golden Week turned out to be pretty golden – much better than we and the market had feared.”According to the performance demonstrated in the beginning of the fourth quarter of 2023, it seems that the Macau gaming revenue will continue to accelerate to switch the engine to top gear by the end of the year.
