Macau visitor arrivals during October Golden Week surpass pre-Covid levels

Jenny Ortiz October 7, 2024

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Macau visitor arrivals during October Golden Week surpass pre-Covid levels

Macau welcomed 915,696 visitors during the first six days of the National Day Golden Week holiday, already surpassing pre-pandemic levels with one day left in the week-long holiday. According to the Public Security Police Force, the average daily visitation hit 152,616, peaking with 123,288 visitors on Sunday alone.

This year’s tally has already exceeded the 897,020 visitors recorded during the same period in 2019. With one day to go, Macau is expected to surpass the 931,000 visitors it welcomed during the eight-day Golden Week holiday in 2023.

Visitor numbers have been consistently strong, with more than 150,000 daily arrivals recorded from 2 to 5 October. The Macao Government Tourism Office (MGTO) reported the highest single-day visitor count of 174,313 on Thursday, 3 October.

Arrivals from mainland China were particularly robust, with 678,067 visitors during the first five days, representing a 54.8 percent year-on-year increase. In contrast, arrivals from Hong Kong saw a 25.2 percent decline, totalling 79,895 visitors.

CLSA says tourism, gaming sectors surpassing 2019 levels

CLSA, an investment and brokerage firm, noted that Macau’s October Golden Week had a strong start, with visitor arrivals surpassing 2019 levels. According to CLSA analysts, popular integrated resorts (IRs) and casinos, including Wynn Palace, MGM Cotai, and City of Dreams, saw heavy visitor presence. Gaming floors featured consistent minimum bets and the introduction of new betting options, such as the Lucky Seven baccarat bet, which proved particularly popular at City of Dreams and The Venetian.

Meanwhile, in an earlier interview with SiGMA News, Kevin Lei, Vice President of Gaming Strategy and Optimisation at MGM Macau said that while they see a lot of competition from other regions, Macau remains in a unique position in the gaming industry, both in terms of location and product, gives us a competitive edge.

Positive outlook for Macau

CLSA has forecast a 6 percent year-on-year increase in gaming revenue for October, estimating it to reach MOP20.65 billion (€2.34 billion). The research also noted strong demand for hotel bookings, with many top hotels, such as Melco’s City of Dreams Nuwa and the Grand Hyatt, already fully booked. The current scarcity of available rooms reflects the increased demand among tourists, with fewer hotels offering bookings than last year.

Additionally, China’s recent stimulus packages have boosted investor confidence in Macau’s gaming industry. Although details of the fiscal support remain unclear, CLSA has raised its target prices for the six gaming companies it covers, highlighting Sands and MGM China as the most promising investments moving forward.