Macau Casino Revenue Jumps By 1,054% In AprilApril Is The Third Straight Month With Macau Operators Experiencing Year-Over-Year Revenue Increases |
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Macau casinos saw one of the largest year-over-year increases in gross gaming revenue in the region’s history last month.
According to numbers released by the Gaming Inspection & Coordination, casinos in the former Portuguese colony won $1.1 billion from gamblers during the month. Those numbers represent a whopping 1,054% year-over-year increase.
It’s the third straight month with a revenue jump after operators saw a 58% increase in March, but analysts at Bloomberg were predicting a much larger increase in April. They do, however, expect a massive bump in revenue when global travel becomes easier.
In April 2020, the Macau casino market was facing hard times as the region was in the midst of battling the COVID-19 pandemic.
The market will likely see a continued climb throughout the rest of the year as the year-over-year comparisons will always be against a suppressed market as the government was purposefully making it tough to travel in an effort to mitigate the spread of the virus.
Officials are still somewhat obstructing domestic travel by forcing would-be visitors from the mainland to go through more steps to get a visa and prove a negative COVID-19 test to cross into Macau.
A year ago, Macau casinos reported less than $100 million in gross gambling revenue. It was the worst month in the region’s history.
Operators were still underperformed against the numbers from April 2019, when the market was in full swing. The numbers were down 65% from the same period two years ago.
There are optimistic signals for the immediate future of the Macau market, however. According to Bloomberg, daily visitor arrivals showed a continued uptrend in April and is at its highest point since the start of the pandemic.
The industry has another sign pointing towards inflated revenue in the near future with the Golden Week holiday coming in May. Several major casino companies said on respective earnings calls that they were predicting strong numbers during the vacation season.
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