Macao’s gaming revenue rose 12.2 percent in August, roughly meeting analyst expectations as the special administrative region wraps up its best-performing post-COVID summer off the bat of entertainment offerings that keep luring visitors.
Gross gaming revenue reached 22.2 billion patacas ($2.8 billion) for the month, according to data released by the Gaming Inspection and Coordination Bureau on Monday. The result was just above the median analyst estimate of a 12 percent year-on-year increase, and has returned to 91 percent of the pre-pandemic level in 2019.
August was one of the peak tourist seasons for the Macao SAR, with many families from the Chinese mainland — the city’s largest source of tourism — visiting before the summer holiday ended. Casino resort operators have also stepped up entertainment, including theater, concerts and sports events.
A major August music awards ceremony hosted by Tencent Music Entertainment Group featured popular artists from the mainland and South Korea helped drive a significant increase in visitation, Citigroup analyst George Choi wrote in a note.
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Macao reported close to 3.5 million visitor arrivals in July, returning to 98 percent of the pre-pandemic level in 2019. The city will release August figures later this month.
Operators have also rolled out more luxury hotel rooms, helping attract premium gamblers.
While an increase in mass-market tourists — who typically place smaller bets if they gamble — was expected to dilute the market, the average wager per player still increased 10 percent year-on-year, according to a Citi survey conducted in early August. That indicates that premium gamblers’ appetite remained strong.
Some major tourist seasons are coming up for the Macao SAR in the coming months, including the week-long National Day holiday in early October. Outlook for the city’s gaming industry remained subject to the mainland’s travel policies and border control enforcement.
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The Bloomberg Intelligence index of Macao casino operators rose 4.12 percent in August, while the benchmark Hang Seng Index rose 1.23 percent.
