Macau’s Gaming Revenue Increases Less Than Expected in April
(Bloomberg) -- Macau’s gaming revenue rose less that analysts expected in April, the third straight month that the casino business disappointed as the gambling hub awaits the reopening of global travel.
Gross gaming revenue rose 1,014% in April to 8.4 billion patacas ($1.1 billion), according to data from the Gaming Inspection & Coordination Bureau. That trailed the median analyst estimate for a 1,054% jump.
- Revenue increased 1% from the previous month, and is down 65% from April 2019, before the pandemic hit.
- The latest jump compares with a low level a year earlier when Beijing ramped up travel curbs to halt the virus. Last April, amid the pandemic’s throes, gaming revenue sank a record 97% to less than $100 million.
- Macau is still trying to lure mainland gamblers who’ve been discouraged by more procedures to obtain visas -- and virus tests required to cross the border.
- Daily visitor arrivals in Macau continued to show an upward trend in April, rising to the highest level since the start of the pandemic, according to the Macau Government Tourism Office. The resumption of domestic travel in mainland China may further boost the numbers of visitors to Macau.
- May’s Golden Week holiday is expected to increase revenue for gaming operators, with Melco Resorts & Entertainment Ltd. and MGM China Holdings Ltd. both predicting on earnings calls that they would have strong holiday performances.
- On Chinese travel portal Qunar.com, the number of bookings for Macau hotel rooms for the holiday is up 17% from pre-pandemic levels in 2019. Scheduled flight routes to Macau from the mainland increased 60% in April from late March, its data showed.
- The Bloomberg Intelligence index of Macau casino operators fell 3.4% in April. The benchmark Hang Seng Index gained 1.2% in the same period.
- April 28, Bloomberg Intelligence’s Macau Monthly Visitation Updates
- April 20, Macau Casinos Seen to Post Profit Rise on Year in Latest Quarter
- April 20, Macau Casinos Revenue Is Recovering ‘Comfortably’, JPMorgan Says
- April 19, Macau Extends Quarantine to 28 Days for Some Visitors
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