Macau Casinos Win $ 1 Billion In April, Highest Monthly Total Since Pandemic Outbreak
Date posted: May 1, 2021, 08: 03 o'clock
Last Updated: May 1, 2021, 04:53 AM
Macau casinos won MOP 8.4 billion ($ 1.05 billion) in April, the highest monthly sum for the China Special Administrative Region since COVID-19 pandemic began.
Gross Gaming Revenue (GGR) represents 1.1 percent bonus in March and more than 1,000 percent year-over-year profit. At this time last year, Macao's borders were closed to almost everyone, with a few exceptions for those helping to respond to the pandemic.
April 2021 is only the second time since the coronavirus changed the world that six licensed commercial casino operators in Macau have won at least $ 1 billion. The first came in March.
While the first four months of 2021 are showing the promise of a return to business for the richest gaming center in the world, April's GGR aggregate continues to drop more than 64 percent from April 2019.
Pent-up bets on demand
Holidays are an essential part of Chinese culture and today they are one of the seven major celebrations. May 1 is Labor Day, during which in the People's Republic of Poland we celebrate employees of all positions and levels.
Labor Day traditionally includes three days off. In conjunction with Saturday May 1, 2021 holiday lasts five days. And after spending more than a year mostly indoors and out, travel analysts expect a flood of visitors to Macau.
According to the Chinese travel portal Qunar.com, Macau hotel room bookings between today and May 5 rose 17 percent from pre-pandemic levels experienced during 2019 Labor Day. Flight data shows scheduled excursions to the enclave increased 60 percent from late March to late April.
What we've seen in terms of future bookings is encouraging, ”said Lawrence Ho, CEO of Melco Resorts, last week in a phone call about his company's first-quarter results. "Life in China is back to normal."
The troubles of Macao's casino operators are not a COVID-19 enclave, as the region has not reported a new locally transmitted positive case in over a year. Instead, it brings the people of the continent to Macau.
The continental government continues to make it difficult for residents to obtain travel permits. Electronic Individual Visa System (IVS) documents on the same day remain on hold. This means people have to apply in person and wait up to two weeks for their cross-border travel privileges.
Macao's Public Security Police, which track the movement of people in and out of the region, say they expect 40,000 people to enter the enclave's boundaries each day during the Labor Day celebrations.
Although the April figures have yet to be released, by March 754, 541 people made it to Macau. That's roughly 24,340 people a day.
Las Vegas Sands CEO Rob Goldstein, like Ho, is optimistic about Macau's recovery.
"We still firmly believe in Macao's recovery as the March figures were very different to those in January and February," said Goldstein on April 22 ahead of the strong April GGR report. “Of course, we cannot say the time of full recovery. But it continues. "