Macao’s gaming revenue rose a stronger-than-expected 4.5 percent in February, as the world’s biggest gambling hub benefited from a Chinese New Year tourism boost.

Gross gaming revenue reached 20.62 billion patacas ($2.56 billion) for the month, according to data released by the Gaming Inspection and Coordination Bureau on Sunday. The result was better than the median analyst estimate of a 1 percent year-on-year increase, with revenue returning to 81.3 percent of the pre-pandemic level in 2019.

The special administrative region ramped up entertainment offerings during the nine-day Spring Festival break in the Chinese mainland — its largest source of visitors — staging float parades, drone and firework shows, markets and concerts. That helped draw tourists and supported strong spending by premium players

ALSO READ: Figures show robust Spring Festival tourism market in Macao

Macao casinos are facing a squeeze on profit margins due to intense competition for mass-market players that’s seen operators lavishing out perks and incentives, pushing up operating costs.