(Bloomberg) -- Macau’s gaming revenue rose 14.9% in November, exceeding analysts’ expectations in a month that’s typically slow due to a lack of holidays.
Gross gaming revenue reached 18.4 billion patacas ($2.3 billion) for the month, according to data released by the Gaming Inspection and Coordination Bureau on Sunday. That compares with the median analyst estimate of a 13% year-on-year increase, and indicates revenue has returned to 80.4% of the 2019 pre-pandemic level.
Key Insights
- November’s tally is 11.5% down from the previous month, when there was a surge of tourists during the “golden week” holiday.
- The city reported 3.1 million visitor arrivals in October, which was about 98% of the pre-Covid level. Authorities will release the figure for November later this month.
- For now, analysts expect further improvement in December, with gaming revenue predicted to return to 86% of 2019 levels, which would mark the smallest shortfall to the pre-Covid high.
- Growth momentum for the world’s biggest gambling hub includes more relaxed travel policies, as residents in neighboring Zhuhai can apply for visas that allow them to visit Macau once a week, starting from December.
- Yet the city also faces challenges, including weak spending among Chinese visitors — Macau’s largest source of arrivals — during an economic slowdown, tighter regulations over money exchanges and Beijing’s push for the city to diversify away from casinos.
Market Performance
- The Bloomberg Intelligence index of Macau casino operators fell 2.4% in November, while the benchmark Hang Seng Index fell 4.4%.
Read More
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- Macau Gaming Revenue Soars to New High on Golden Week Boost
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