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{"id":27472,"date":"2023-03-04T16:42:12","date_gmt":"2023-03-04T16:42:12","guid":{"rendered":"https:\/\/onlinegamblingdaily.com\/macau-casino-revenue-exceeds-expectations-reaching-1-3b-in-february\/"},"modified":"2023-03-04T16:42:12","modified_gmt":"2023-03-04T16:42:12","slug":"macau-casino-revenue-exceeds-expectations-reaching-1-3b-in-february","status":"publish","type":"post","link":"https:\/\/onlinegamblingdaily.com\/macau-casino-revenue-exceeds-expectations-reaching-1-3b-in-february\/","title":{"rendered":"Macau casino revenue exceeds expectations reaching $1.3B in February"},"content":{"rendered":"
\n

Macau’s casinos saw gross gaming revenue of MOP $10.32 billion ($1.28 billion) in February,<\/strong> continuing<\/span> the <\/span>strong<\/span> performance<\/span> following<\/span> the<\/span> lifting<\/span> of<\/span> most<\/span> border<\/span> restrictions<\/span> on<\/span> 8<\/span> January<\/span>.<\/span> According<\/span> to<\/span> data<\/span> released<\/span> by<\/span> the<\/span> Gaming<\/span> Inspection<\/span> and<\/span> Coord<\/span>ination<\/span> Bureau<\/span> (<\/span>D<\/span>IC<\/span>J<\/span>),<\/span> the<\/strong><\/span> figure was<\/strong> 33<\/strong><\/span>.1% higher than the same month in 2022 when GGR was MOP$7.76 billion ($959 million). <\/strong>However, it was still 59% down from pre-pandemic levels.<\/p>\n

Although slightly lower than January’s MOP$11.58 billion ($1.43 billion)<\/strong>, February was not aided by the Chinese New Year holiday, which contributed to the three-year high in the previous month. Analysts had forecast the figure to be closer to MOP$9.5 billion (US$1.17 billion), <\/strong>making the current result higher than expected. For the first two months of the year combined, GGR is up 55.3% year-over-year to MOP$21.90 billion ($2.71 billion).<\/strong><\/span><\/p>\n

<\/img><\/strong><\/span><\/p>\n

\n

The change in performance for Macau\u2019s casinos comes after the government announced the scrapping of almost all COVID-19 border restrictions<\/a> as of January 8,<\/strong> including the removal of testing requirements for visitors from mainland China, Hong Kong, and Taiwan. The city has also canceled all restrictions on entries to casinos<\/strong>, no longer requiring the presentation of health codes to enter the gaming facilities.\u00a0<\/p>\n

It also disposed of its mandatory hotel quarantine for foreign tourists, who currently need only provide a negative COVID test upon arrival.\u00a0Ferry and bus services between Macau and Hong Kong resumed for the first time in almost three years.\u00a0<\/span><\/strong>And late last month, Macau officials confirmed mask usage is no longer mandatory<\/a>.<\/span><\/p>\n

Investment bank\u00a0Morgan Stanley<\/a> said in a recent note that it had<\/strong> raised its 2023 GGR and EBITDA estimates for Macau’s casino operators by 42% and 70%, <\/strong>respectively, citing better product mix and higher margins as Chinese customers return following the easing of border restrictions.<\/span><\/p>\n

Over the rest of the year, an increase in the number of hotel rooms in Macau<\/strong> after the opening of SJM Holdings Ltd.\u2019s Grand Lisboa Palace, Galaxy Entertainment Group Ltd.\u2019s Galaxy Macau Phase 3 and Melco Resorts & Entertainment Ltd.\u2019s Studio City Phase 2 will be the major growth driver for tourism after the pandemic<\/strong>, according to Bloomberg Intelligence<\/em> analyst Angela Hanlee.<\/span><\/p>\n<\/p><\/div>\n<\/p><\/div>\n\n

\n\n\t\t\n
    \n\t\t\t <\/ul>\n <\/div> \n","protected":false},"excerpt":{"rendered":"

    Macau’s casinos saw gross gaming revenue of MOP $10.32 billion ($1.28 billion) in February, continuing the strong performance following the lifting of most border restrictions on 8 January. According to data released by the Gaming Inspection and Coordination Bureau (DICJ), the figure was 33.1% higher than the same month in 2022 when GGR was MOP$7.76<\/p>\n","protected":false},"author":4,"featured_media":27473,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,5777],"tags":[],"class_list":{"0":"post-27472","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-online-gambling-news","8":"category-macau"},"yoast_head":"\nMacau casino revenue exceeds expectations reaching $1.3B in February - Online Gambling Daily<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/onlinegamblingdaily.com\/macau-casino-revenue-exceeds-expectations-reaching-1-3b-in-february\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Macau casino revenue exceeds expectations reaching $1.3B in February - Online Gambling Daily\" \/>\n<meta property=\"og:description\" content=\"Macau’s casinos saw gross gaming revenue of MOP $10.32 billion ($1.28 billion) in February, continuing the strong performance following the lifting of most border restrictions on 8 January. 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