Gross gaming revenue in Macau for January has hit its highest peak since 2020, topping MOP11.58 billion ($1.44 billion), up 82.5 percent yearly.
The figure does include a bump from the Chinese New Year period, which this year fell entirely in January – starting on the 22nd.
It also coincides with Macau’s decision to open up completely to Chinese territories – eliminating all testing regimes for mainland China, Hong Kong and Taiwan, as well as eliminating all quarantine requirements for entries from foreign countries.
During the CNY period, tourism in Macau reached a peak of over 90,000 tourists daily at its high point, with hotel rooms at the major properties fully booked during the period.
Expectations for the coming weeks are 70 percent occupancy in hotels, but casinos floors have seen strong uptick in both mass and premium mass, while VIP has dwindled after Macau’s main junket operators were taken down by authorities.
Analysts are predicting that January’s GGR will set the tone for the rest of the year, with pent-up demand more easily released in the city compared to other Southeast Asian jurisdictions.
Macau’s six gaming concessionaires also celebrated their first month under their new gaming licenses, which came into effect on January 1st, with high hopes that gaming income will help offset their multi-billion dollar obligations under the new 10-year contracts.
Over 91 percent of the $14.8 pledged investment by the operators is dedicated entirely to non-gaming.