Macau's gaming revenue saw a year-on-year increase of 15.5% in September, reaching 17.25 billion patacas, approximately $2.2 billion, as reported by the Gaming Inspection and Coordination Bureau.
This result exceeded analysts' expectations, who had predicted a 14.2% growth, and brought revenue to 78% of the levels recorded before the pandemic in 2019.
Despite the positive yearly growth, September's figures represent the lowest monthly total this year and are down 12.7% from August's performance, which was the second-highest since COVID-19 restrictions eased, with gross gaming revenue of 19.75 billion patacas.
For the first nine months of 2024, total gaming revenue has reached 169.35 billion patacas, reflecting a significant 31.3% increase compared to the same period last year. This figure is already 78.4% of the government’s full-year target of 216 billion patacas, indicating a strong rebound in the gaming sector as it gears up for one of China's largest holidays.
As travel to Macau typically spikes during the Golden Week, casinos are expected to benefit from increased patronage, further bolstering the region's recovery.
However, with the Golden Week approaching, the hospitality and gaming industries are preparing for a mix of optimism and caution. While room bookings have shown relative strength, analysts express concerns that broader economic conditions could dampen overall performance during this key holiday period.
Recent analysis from UBS Group AG indicates that a notable 17 out of 31 monitored hotels have reached full occupancy or become unavailable. This figure surpasses the bookings recorded during Labour Week earlier this year and last October’s Golden Week, providing a glimmer of hope for operators.
However, hotel prices remain a point of concern, currently sitting 7% lower than those during the first Golden Week of this year, although they have remained steady compared to the same period last year.
